The US Treasury said on Thursday that it had begun taking measures to prevent a default on government debt as the country hits its borrowing limit.
Congress is gridlocked over raising this debt ceiling; the issue has been a fairly frequent feature of US politics in recent years.
“I respectfully urge Congress to act promptly to protect the full faith and credit of the United States,” Treasury Secretary Janet Yellen wrote in a letter to Congressional leadership, in announcing the start of “extraordinary measures” to prevent at least a technical debt default.
The Treasury has warned Congress that the tools it’s employing to put a stop to new borrowing will only help for a limited time — likely not longer than six months. In Yellen’s letter on Thursday, she cited June 5 as the…