The Treasury Department announced yesterday it will raise $126 billion to finance the government in a series of auctions next week by employing emergency measures to keep from reaching the newly imposed debt limit.
Treasury Secretary Janet Yellen has called on Congress to quickly lift or suspend the borrowing limit to avoid the threat of the government defaulting on its debt, something Yellen has said would be “catastrophic.”
Treasury officials said Wednesday they still did not have an estimate of when the government will run out of maneuvering room to use what it calls “extraordinary measures” to avoid a default, saying the unusual financing issues raised by the pandemic have made forecasting difficult.
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