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Yellen to extend extraordinary debt management measures through Dec 3 By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO. U.S. Treasury secretary Janet Yellen responds to questions at the Senate Appropriations Subcommittee hearing in Washington D.C. on Capitol Hill, Washington, D.C. U.S.A, June 23, 2021. Greg Nash/Pool via REUTERS/File Photo

WASHINGTON, (Reuters) – U.S. Treasury secretary Janet Yellen said Monday to congressional leaders that extraordinary cash management measures will be extended in order to keep the federal debt limit below $33 billion through December 3, after a slight increase in borrowing caps was enacted last Wednesday.

Yellen stated that Treasury will continue to suspend investments in the Civil Service Retirement and Disability Fund and Postal Service Retiree Health Benefits Fund due to the prolonged “debt issuance suspension period”. The suspension of securities from State and Local Government Series will be extended.

In a letter addressed to Nancy Pelosi, House Speaker and other leaders of Congress, Yellen stated that Congress must act in order to raise or suspend the debt limit.

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