Yellen Tells Congress To Take ‘Extraordinary Measures’ To Avoid Debt Crisis

Treasury Secretary Janet Yellen warned lawmakers that “extraordinary measures” are necessary to avoid a debt crisis.

Two years ago, Congress suspended the debt ceiling — a measure that bars the federal government from taking on a certain level of national debt — until July 31, 2021. Yellen informed Congress that the Treasury Department will stop selling State and Local Government Series securities — a primary mechanism through which the government finances its debt — on July 30.