Treasury Secretary Janet Yellen warned Congress that the country could hit its debt ceiling as soon as Jan. 14 in a letter sent Friday.
The warning comes after a punishing fight over a funding bill that saw President-elect Donald Trump call for the elimination of the debt ceiling as a part of his killing of a bipartisan agreement that nearly shut down the government.
Yellen said in the letter that the debt ceiling could be reached between Jan. 14 and Jan. 23, at which point the Treasury would, “start taking extraordinary measures,” to prevent the country from defaulting on its debts.
The current debt limit extension is slated to end on Jan. 1, though the letter said that the debt subject to the limit is projected to decrease by approximately $54 billion on Jan. 2.
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What happens if the government defaults on the debt?
A default would occur if the U.S. failed to pay…
