Treasury Secretary Janet Yellen warned Congress on Friday that "extraordinary measures" will be necessary as early as Jan. 14 unless Congress acts to raise or otherwise suspend the debt ceiling.

Yellen, in a letter to House and Senate leaders, noted that the nation’s debt ceiling — the total amount of money the federal government is authorized to borrow to pay for obligations such as Social Security and Medicare benefits — was suspended in June 2023 but will once again be in effect on Jan. 1.

Outgoing Treasury Secretary Janet Yellen issued a dire warning that "extraordinary measures" will need to be taken to avoid a default on U.S. debt if Congress does not act to raise the debt ceiling soon, The New York Times reported Friday. Yellen's warning ...