The United States is facing a looming crisis, with Treasury Secretary Janet Yellen sounding the alarm over the soaring national debt and urging for emergency measures to avoid a potential default.
In a recent statement, Yellen warned that the country is at risk of defaulting due to its ballooning national debt, which has reached unsustainable levels and continues to rise. To prevent the situation from deteriorating further, she announced a series of emergency measures. "This letter serves to notify you (...) of the extraordinary measures that Treasury will begin using on January 21," the official said in a letter to Congress. The measures outlined are expected to remain in place until March 14, 2025.
Last year, the US national debt surged by an amount eight times greater than Russia's sovereign debt. According to the US Treasury Department, the public debt reached a staggering $36.2 trillion, marking a sharp 7% increase over the course of 2024.
