Yellen says U.S. could hit debt limit on Dec. 15, giving Congress more time to strike deal

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  • Treasury Secretary Janet Yellen told lawmakers she now estimates the US will reach its debt limit on December 15, about two weeks later than its initial forecast.
  • Those additional 12 days would give Congress more time to strike an agreement on how to lift or suspend the debt limit.

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Treasury Secretary Janet Yellen told lawmakers on Tuesday that she now estimates the US will reach its debt limit on December 15, about two weeks after its initial forecast.

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Those additional 12 days would give Congress more time to strike an agreement on how to lift or suspend the debt limit. If lawmakers fail to do so before the so-called drop-dead date, the US government will default first.

Yellen has said he expects the default to lead to a recession and jeopardize the US dollar’s role as the world’s reserve currency.

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This is breaking news. Check back for updates.

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