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US Readies Arsenal to Avoid Breaching Borrowing Cap

August 3, 2021 by Forex Winner Leave a Comment

US Readies Arsenal to Avoid Breaching Borrowing Cap

Source: WSJ

United States Treasury Secretary Janet Yellen unveiled additional measures to prevent breaching the government’s borrowing limit, which was reimposed on Sunday.

  • Yellen said the Treasury Department will suspend reinvestments by a number of retirement funds for civil servants and postal workers starting Monday.
  • The funds will only be made whole once the debt limit is either suspended or increased, which Yellen urged Congress to do as soon as possible.
  • Yellen did not give a timetable for the emergency measures but earlier said these could be exhausted before the summer recess in September.
  • The Treasury Department expects to issue $673 billion of debt between July and September should the limit be raised or suspended.
  • The Treasury also plans to borrow another $703 billion in the fourth quarter of 2021.
  • The debt limit was reinstated at around $28.5 trillion on Sunday, including public and government debt.

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