Treasury Secretary Yellen says the U.S. government has less than three weeks to raise the debt ceiling before taking “extraordinary measures”

U.S. Treasury Secretary Janet Yellen The government reportedly said on Friday it has less than three weeks to raise the debt ceiling.

What happened: According to the Washington Post, Yellen said in a letter to members of Congress that unless the government raises the debt ceiling, “extraordinary measures” will be needed to maintain federal operations from January 14 to 23.

In urging Congress to take action, she noted that the government is starting to run out of money to service its debt.

Why it’s important: The debt ceiling refers to the limit on how much the Treasury can borrow. Failure to raise that ratio could put the government in default, jeopardizing programs like Social Security, Medicaid and housing assistance. A default could also cause interest rates to spike, as the U.S. could lose its reputation as a creditworthy borrower.

Earlier this month, President-elect Donald Trump Calls to raise the borrowing limit or eliminate it entirely, a move that could resolve issues before he takes office and allow him to continue pursuing his agenda without getting into a debt-ceiling fight in the future.

“Congress must repeal the ridiculous debt ceiling or extend it through 2029,” Trump wrote in a “Truth Society” post. “Without this, we should never have made a deal. Remember, the pressure is on the President. On the body.

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