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By Willy N. ANNICETTE – Senior Managern Square Management
On January 13th 2023, Janet Yellen – the Secretary of the US Treasury – sent a letter to Kevin McCarthy, the Speaker of the US House of Representatives. The tone of this correspondence was somewhat grim. Indeed, as per the 2021 Consolidated Appropriation Act, the US statutory debt limit had been increased to 31,381 trillion USD.
She gave January 19th as the deadline for Congress to vote on the expected increase of the debt limit, thus preventing the United States from defaulting on its obligations. As no legislative traction was obtained from this first communication, a new one was issued the following week, on the day of the said cutoff. In this latest writing, the Secretary of the US...
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