NEW YORK — In a letter to the Speaker of the House, U.S. Treasury Secretary Janet Yellen says that the U.S. Treasury “is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18.”

Yellen warns in the letter to Speaker Nancy Pelosi that “at that point, we expect Treasury would be left with very limited resources that would be depleted quickly.”

The U.S. debt limit had been suspended for two years beginning in July 2019 when public debt subject to the limit stood at USD22 trillion. That two-year suspension lapsed at the end of July, resetting the ceiling at USD28 trillion.

Read the full letter.