The US Treasury Secretary has warned congressional leaders that the federal government is likely to go bankrupt after December 15 due to its debts.
The debt crisis and the budget deficit have once again gripped the US government. US Secretary of the Treasury Janet Yellen has warned in a letter to congressional leaders that if no action is taken to increase the government’s borrowing ceiling, the federal government will go bankrupt after December 15 due to the debt crisis. He wrote in this letter: “I have great confidence in the ability of the Treasury to continue to pay off US debt until mid-next year,” said President Joe Biden, who recently signed a $ 1 trillion bill to develop infrastructure projects.
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“Yellen” added: “There are various scenarios in which the US Treasury will face a shortage of funding after December 15.” He called on members of Congress to take urgent action as soon as possible to increase the federal government’s debt ceiling. In October, Biden signed a bill to increase the US debt ceiling by $ 480 billion, with the country facing bankruptcy on October 18.