U.S. Treasury Secretary Janet Yellen said on Friday that if lawmakers fail to raise or suspend the debt ceiling, she may have to take “extraordinary measures” to keep the federal government afloat – a warning that came as House Speaker Mike Johnson addressed keeping the republic The Party issued this thorny issue.
“I respectfully urge Congress to take action to protect the full confidence and credibility of the United States,” Yellen wrote in a letter to members of Congress. Yellen said she expected “extraordinary measures” will be needed between January 14 and 23. .
In addition to posing a challenge to the incoming Trump administration, which prefers to resolve the debt ceiling issue before Inauguration Day, it will be particularly troublesome for Johnson due to the slim Republican majority in the House of Representatives.
Raising the debt ceiling without any support from Democrats means that only a handful of Republicans can defect. But as history shows, some hardline members of the Republican Party can easily reject any deal. In turn, Johnson’s role as speaker could be compromised.
If a speaker is not elected, problems could include the House not being able to certify the 2024 election results on January 6, as the newly elected speaker would have to swear in members before they can do their work.
The Constitution stipulates that each new session of Congress begins at noon on January 3. The suspension is currently expected to end on January 2.
