Outgoing Treasury Secretary #Janet #Yellen is announcing that she's planning to take "#extraordinary #measures" to save the U.S. economy beginning on January 21
— the day after Donald Trump will officially begin his second term in office.
Politico reported Friday that Yellen made the announcement in a letter to congressional leaders
The letter comes as the United States prepares to reach the statutory limit on borrowing
-- which Yellen wrote last month would happen between January 14 and January 23.
She warned in that letter that the Department of the Treasury would need to take "extraordinary measures" in order to avoid a debt default, should Congress fail to raise the debt ceiling before then.In her latest letter, Yellen said she would begin taking those "extraordinary measures" next Tuesday,
which will reportedly include tapping into federal retirement funds that aren't immediately needed to pay out benefits to retired postal workers and other federal employees.
She also plans to temporarily
suspend investments into those funds in order to keep the U.S. current on its debt service obligations.
"The period of time that extraordinary measures may last is subject to considerable uncertainty,
including the challenges of forecasting the payments and receipts of the U.S. Government months into the future,"
she wrote in her January 17 letter to Congress