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Sept. 28, 2021, 9:26 a.m. EDT

Congress must raise or suspend debt limit by Oct. 18, Yellen says

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By Greg Robb

Treasury Secretary Janet Yellen said Tuesday that the Treasury Department is likely to exhaust extraordinary measures to keep from defaulting on its debt if Congress has not acted to raise or suspend the debt limit by Oct. 18. "At that point, we expect Treasury would be left with very limited resources that would be depleted quickly," Yellen said in an update sent to Congressional leaders. Yellen had earlier estimated that the extraordinary measures would last until mid-October. On Monday, Senate Republicans blocked legislation that would have suspended the debt limit.

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