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Treasury Taps Retirement Funds to Avoid Breaching US Debt Limit
1.20.23 - Treasury Taps Retirement Funds
Gold last traded at $1,927 an ounce. Silver at $23.94 an ounce.
-Yahoo!--(Bloomberg) -- The Treasury Department is beginning the use of special measures to avoid a US payments default, after the federal debt limit was reached Thursday.
The department is altering investments in two government-run funds for retirees, in a move that will give the Treasury scope to keep making federal payments while it's unable to boost the overall level of debt.
Treasury Secretary Janet Yellen informed congressional leaders of both parties of the step in a letter on Thursday. She had already notified them of the plan last week, when she flagged that the debt limit would be hit Jan. 19.
Yellen reiterated that the period of time that the extraordinary measures will avoid the government running out of cash is "subject to considerable uncertainty," and urged Congress to act promptly to boost the debt limit. Last week she said the steps wouldn't likely be exhausted before early June.
