U.S. Debt Limit: Current Landscape and Key Takeaways

Jan 25, 2023 | Blog, Family Businesses, Generationally Owned Business, In The News, Policy And Taxation Group, Taxes

Empower Change: Demand Action from Your Representatives in Congress Against Damaging Policies and Excessive Regulation!

On Jan. 19, 2023, the United States government reached its $31.4 trillion borrowing limit, which was signed into law (P.L. 117-73) by President Joe Biden on Dec. 16, 2021.

 

Last week, Treasury Secretary Janet Yellen wrote to congressional leadership notifying them of the impending issue.

 

Yellen noted that once the limit is reached, the Treasury Department will need to take “certain extraordinary measures” to prevent a default on its obligations. However, the Treasury Department estimates that these measures may only carry the government through early June.

To read more about the U.S. Government Debt Limit, please click.

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