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Yellen says U.S. debt ceiling could pinch in summer

EconomyMay 07, 2021 01:23PM ET
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© Reuters. U.S. Treasury Secretary Janet Yellen speaks as she joins White House Press Secretary Jen Psaki for the daily press briefing at the White House in Washington, U.S. May 7, 2021. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen said on Friday the nation could exhaust its ability to borrow this summer even if Treasury takes "extraordinary actions" to buy more time when the nation's debt ceiling comes back into effect at the end of July.

Yellen told reporters at the White House that while the Treasury could extend its ability to borrow by employing special measures if Congress did not act to raise the debt ceiling, those steps might buy only a "very limited" amount of time.

"It is exceptionally challenging this time to try to figure out just how long those (extraordinary) measures are going to last in part because of higher and more volatile spending and revenue numbers associated with the state of the economy and the pandemic," she said.

"We are concerned that there are scenarios that give (a) very limited amount of additional time to use extraordinary measures," Yellen added. "There are scenarios in which some time during the summer" room would run out even after special measures were employed, she said.

Yellen says U.S. debt ceiling could pinch in summer
 

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Comments (7)
Adam Paine
Adam Paine May 09, 2021 11:53PM ET
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I would trust her more if she wasn't in bed with the FED
Alan Rice
Alan Rice May 08, 2021 1:02PM ET
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What's a debt ceiling ??
Steve Lora
Steve Lora May 08, 2021 12:07PM ET
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Granny do me good
Jon Torino
Jon Torino May 07, 2021 1:42PM ET
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So a continuing cover-up after you let a few comments out that the Democrats didn't like the outer day? Would "extraordinary actions" include raising interest rates and tapering asset purchases because 2 days you said the economy was getting too hot...que the fake jobs numbers and send yellen back out to contradict herself. meanwhile pelosi and the gang clean up on options profits, it's easy to always pick the right strike when you are told in advance what it be, ohhhh yes those lockdowns in California and your DIS options just randomly happened to fall on the same dates, it was pure guess work I'm sure.
John Poropat
JohnnyNumbers May 07, 2021 1:42PM ET
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You hit it spot on. How can anyone trust Yellin or Peliosi. Look at thier faces. They look just like Hillary Clinton. Liar, liar, liar. They are out for thier own pockets. Biden is just a puppet and will be the fall guy. 15% interest rates here we come.
St Af
St Af May 07, 2021 1:41PM ET
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The government's credit rating is going down-the-tubes....GOD...HELP US....1987. HERE, WE COME.
John Miller
John Miller May 07, 2021 1:41PM ET
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1929. Here we are
CHAD TENDIES
CHAD TENDIES May 07, 2021 1:32PM ET
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Sounds like the USA has a strong sustainable economy. 🤣🤣🤣
Sachin Manaktala
Sachin Manaktala May 07, 2021 1:25PM ET
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is Yellen short on the market? she's been giving statments to create panic.
 
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