But “there are scenarios,” she wrote, that would leave the government without enough cash beyond that date.
Yellen concluded her letter Tuesday with a plea to leaders on Capitol Hill: “To ensure the full faith and credit of the United States, it is critical that Congress raise or suspend the debt limit as soon as possible.” Senate Minority Leader Mitch McConnell has said his party won’t help Democrats avert the next debt limit cliff, afterto raise the nation’s borrowing limit by $480 billion. Instead, the Kentucky Republican insists that Democrats use the budget reconciliation process, which they’re using to pass Biden’s sweeping safety net bill, to act alone on the debt limit.
“Look, we must pass the debt limit,” the New York Democrat said. “We cannot let the full faith and credit of this country lapse, and we hope to do it in a bipartisan way.”
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