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  • US Treasury Secretary warned that the US is likely to reach the debt limit on December 15
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17.11.2021

US Treasury Secretary warned that the US is likely to reach the debt limit on December 15

Treasury Secretary Janet Yellen has revised her estimates regarding the debt limit, and now expects that it can be reached almost two weeks later than the initial estimates - on December 15.

This extra time will provide more time for Congress to agree on how to lift or suspend the debt ceiling. But if lawmakers fail to reach an agreement by December 15, the US government would default for the first time.

Yellen noted that the delay of the deadline for reaching the debt limit is due to the fact that earlier this week the US President adopted a $1 trillion infrastructure development plan.

Meanwhile, the Treasury Secretary said that if a default is declared, it will lead to a recession and jeopardize the role of the US dollar as the world's reserve currency.

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