In a letter to lawmakers this morning, Treasury Secretary Janet Yellen warned that the United States has just three weeks before it defaults on its debts.
“We now estimate that Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18. At that point, we expect Treasury would be left with very limited resources that would be depleted quickly,” Yellen wrote.
“It is uncertain whether we could continue to meet all the nation’s commitments after that date,” she added.
Yellen’s letter came after Senate Republicans, under the direction of Senate Minority Leader Mitch McConnell (R-Ky.), that would keep the government funded, provide billions of dollars in hurricane relief and keep the United States from defaulting on its debts.
Republicans have said they will not support suspending the debt limit in protest of a $3.5 trillion spending plan that would codify much of the Democratic agenda, particularly an expansion of the social safety net.
Alan is a writer, editor, and news junkie based in New York.