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The federal debt-limit deal signed into law by President Joe Biden last week will allow Treasury to be able to finance the operations of the federal government through Dec. 3, Treasury Secretary Janet Yellen said Monday.
In a letter to the congressional leadership, Yellen urged Congress to act to increase or suspend the debt limit in a way that provides longer-term certainty for the government.
“The recent increase in the debt limit provides only a temporary reprieve, and Treasury will need to use certain extraordinary measures through Dec. 3, ” Yellen said.
The federal government is now running on a short-term spending bill that also runs through Dec. 3.
