Treasury taking extra measures to stave off default, Yellen tells Congress

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Treasury Secretary Janet Yellen told congressional leaders on Monday her department has begun taking extra steps to avoid default after a suspension of the debt limit ended over the weekend. In a letter, Yellen once again urged Congress to act “as soon as possible” on the borrowing limit. The Congressional Budget Office has estimated the Treasury could run out of cash to pay bills in October or November absent a debt-limit increase. Senate Minority Leader Mitch McConnell has suggested no Republicans will vote to increase or suspend the borrowing limit, while the White House says President Joe Biden expects lawmakers to vote to raise it.

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