Yellen Says Treasury to Hit New Debt Limit in Mid-January.

Treasury Secretary Janet Yellen has warned that the US will hit a new debt limit in mid-January, prompting the Treasury to take special accounting measures to avoid breaching it. Yellen urged lawmakers to act to protect the country's credit. The Treasury will resort to special accounting maneuvers to keep the government funded once the extra headroom is exhausted, with estimates suggesting a deadline for debt limit action in mid-2025. The looming debt ceiling debate could impact financial markets and increase US borrowing costs. [Extracted from the article]