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Treasury will begin steps to avoid debt default as Trump takes office

  • The Treasury Department will start taking extraordinary measures on January 21 to prevent hitting the debt ceiling of roughly $36 trillion, as stated by outgoing Treasury Secretary Janet Yellen.
  • Congressional Republicans face pressure to act before a potential debt default, which could cause global economic upheaval, according to Yellen.
  • The GOP-led package to suspend the debt cap into January 2027 failed amid significant opposition, including from some Republicans, as reported in the text.
  • Janet Yellen urged Congress to act promptly to protect the full faith and credit of the United States, highlighting the uncertainty of extraordinary measures.
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  • 70% of the sources are Center
70% Center
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