Treasury Secretary: ‘Extraordinary Measures’ to Be Taken If Congress Doesn’t Raise Debt Limit

Treasury Secretary Janet Yellen testifies before a Senate Appropriations Subcommittee hearing in Washington on June 23, 2021. Greg Nash/Pool via AP

Treasury Secretary Janet Yellen on Friday urged congressional leaders to suspend or raise the national debt limit before Aug. 1. or face dire economic consequences.

Yellen warned that if Congress does not take action, her department will need to implement “extraordinary measures” to prevent the government from defaulting on its loans.