"It is therefore critical that Congress act in a timely manner to increase or suspend the debt limit," she urged. Yellen noted Friday that "increasing or suspending the debt limit does not authorize new spending commitments or cost taxpayers money." "It simply allows the government to finance existing legal obligations that Congresses and Presidents of both parties have made in the past," she said. The Treasury Department is unable to estimate precisely how long the extraordinary measures will allow it to continue paying the government's obligations, Yellen said. "Republicans need to do the right thing and come to the table to raise the borrowing limit before it's too late," he said in a statement.

Source: Daily Nation January 14, 2023 07:23 UTC