Ammon News - U.S. Treasury Secretary Janet Yellen said that the government will reach its statutory borrowing limit on Tuesday and begin employing "extraordinary measures" to keep from breaching the cap and risking a potential catastrophic default.

Yellen, in a letter on Friday to congressional leaders just three days before the Biden administration turns over U.S. government control to President-elect Donald Trump and his team, said the Treasury would begin using extraordinary measures on Jan. 21.

"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," Yellen said in the letter.

Yellen said the Treasury would suspend investments in two government employee benefit funds through March 14, to claw back borrowing capacity under the $36.1 trillion debt ceiling. As of Thursday, the Treasury reported borrowings of $36.08 trillion. Reuters