Original title: us Treasury Secretary calls on Congress to take Action to provide long-term solution to debt limit Source: CCTV News client
On October 18, local time, US Treasury Secretary Janet Yellen sent a letter to House Speaker Nancy Pelosi, calling on Congress to take action to make a decision on the debt limit in order to meet the government's obligations and provide a long-term plan for government spending.
Yellen said in the letter that the current short-term spending bill is only a temporary measure, although its signature allows the Treasury to continue to fund the operation of the federal government until December 3, however, due to the legal debt limit, government spending cannot be fully maintained until December 3. In accordance with the law, she will suspend additional investments in the Civil Service Retirement and Disability Fund (CSRDF) and Postal Service Retirement Health benefits Fund (PSRHBF) credits and redeem some of her additional investments.
Ms Yellen added that the Treasury would also extend the moratorium on the sale of a range of state and local government securities originally announced on July 23, 2021.
The debt limit is the maximum amount set by Congress for the federal government to borrow to meet existing payment obligations. Hitting this "red line" means that the US Treasury has authorized the exhaustion of borrowing. (CCTV reporter Xu Jie)
(editor Li Jianning)