If the US Congress does not raise the ceiling on government debt or increase the borrowing limit, the US Treasury will run out of funds by October 18, says a letter from Finance Minister Janet Yellen to congressmen. Ms Yellen urged lawmakers to take action to cap the national debt “as soon as possible.”
“We assume that the Treasury is likely to exhaust its emergency measures if Congress does not take action to raise the ceiling or suspend the government debt limit, by October 18. We expect that at this moment the Ministry of Finance will have very limited resources, which will be quickly exhausted, ”the document says.
In July 2019, the House of Representatives of the US Congress adopted a bill on the US budget and national debt, which extended by two years the period for the onset of the public debt ceiling and increased government spending by $ 320 billion. debt it amounted to $ 28.5 trillion.