US to hit new debt limit as soon as Jan 14: Yellen ...Middle East

Lawmakers have suspended the debt ceiling -- a limit on government borrowing to pay for bills already incurred -- until January 1 next year.

But the path forward could prove to be contentious if the United States hits this new limit, given that the lifting of the ceiling has been a thorny partisan issue in recent years.

Such extraordinary measures allow the Treasury Department to continue financing the government's activities, preventing it from defaulting on its obligations.

This is “mostly due to a scheduled redemption of nonmarketable securities held by a federal trust fund associated with Medicare payments,“ she added.

But conservatives are generally against increasing the country's massive borrowing -- currently standing at $36.2 trillion -- and multiple Republicans have never voted for a hike.

If the debt ceiling is not raised or suspended before the Treasury's tools are exhausted, the government risks defaulting on payment obligations -- with profound implications for the world's biggest economy.

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