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Yellen noted that failure to lift the debt limit carries serious risks to the federal government and the U.S. economy.

Yellen says ‘extraordinary measures’ start Tuesday

Outgoing Treasury Secretary Janet Yellen told Speaker Mike Johnson and other congressional leaders that the U.S. government would commence “extraordinary measures” to avoid hitting the nation’s debt limit beginning on Tuesday.

“The period of time that extraordinary measures may last is subject to considerable uncertainty, including the challenges of forecasting the payments and receipts of the U.S. government months into the future,” Yellen wrote in a letter sent Friday to Capitol Hill. Read the full letter here.

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