U.S. Treasury Department reports or official statements

Yellen Announces Treasury to Implement Extraordinary Measures on Trump's First Day to Avoid $36 Trillion Debt Ceiling Breach

Jan 17, 2025, 10:09 PM

Outgoing U.S. Treasury Secretary Janet Yellen has announced that the Treasury Department will begin implementing 'extraordinary measures' on January 21, which coincides with President-elect Donald Trump's first full day in office, to prevent the U.S. government from breaching the statutory debt limit of about $36 trillion. In a letter to congressional leaders, Yellen emphasized the uncertainty surrounding how long these measures can sustain the government's financial obligations, urging Congress to act promptly to protect the full faith and credit of the United States. The measures include suspending investments in the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. Yellen's announcement comes as the U.S. government is set to reach its debt limit, with the incoming administration of President-elect Donald Trump taking office on January 20.