US Debt Crisis: Yellen Warns of Looming Default, Urges Congressional Action
2024-12-28
NBC News
Treasury Secretary Janet Yellen issued a stark warning to congressional leaders, stating that the federal government will reach its debt ceiling as early as January 14, prompting the need for 'extraordinary measures' to avoid a potentially catastrophic default. With time running out, Yellen is urging lawmakers to take swift action to raise the debt limit or risk severe economic consequences, including credit rating downgrades and market volatility. The Treasury Department is exploring emergency measures, but a long-term solution is crucial to maintaining economic stability and preventing a fiscal crisis. Keywords like debt ceiling, federal budget, and economic uncertainty are at the forefront of this developing story.