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Treasury secretary warns US could default on its debt as soon as June

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Treasury secretary warns US could default on its debt as soon as June

Treasury Secretary Janet Yellen, here in Washington, on October 14, 2022, warns 'extraordinary measures' are needed to keep the United States from defaulting on debt as soon as next week.

The Treasury Department said Friday the US could default on its debt as soon as June, setting up one of the first major battles on Capitol Hill after Republicans took control of the House.

The US will reach the debt limit on January 19 and then "extraordinary measures" will need to be taken, Treasury Secretary Janet Yellen wrote in a letter to House Speaker Kevin McCarthy. She said that the Treasury Department will pursue those measures, but they will only last a limited amount of time.

CNN's Melanie Zanona contributed to this report.

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