The head of the US Department of Finance, Janet Yellen encouraged the Congress to increase or freeze the limit of public debt by December 15. She believes that after this date, the risk of suspension of the government (shutdown) is possible due to lack of funds and the impossibility of paying obligations. Her words are given on the Ministry website.
“There are scenarios in which the Ministry of Finance will not have enough remaining resources to continue financing the activities of the US government after this date,” said Yellen. The US Congress must take measures against the Ceiling of the public debt to “provide complete US confidence”, and so that the country does not encounter a default, it added.
US President Joe Biden signed a law on infrastructure plan with a total value of 1.2 trillion dollars, which the Chamber of Representatives after numerous disputes was able to approve in early November.
Earlier, the Chamber of Representatives of the US Congress adopted a bill on the temporary increase in the Ceiling debt of $ 480 billion, which in theory can prevent default. According to the Ministry of Finance, this will allow to cover costs until December 3.