Yellen announced emergency measures to avoid a default in the United States.

Starting January 21, the US Treasury Department will begin to take emergency measures aimed at preventing default in connection with reaching the maximum level of public debt, Treasury Secretary Janet Yellen said.

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“This letter is intended to notify you <…> of the emergency measures that the Treasury Department will begin to implement on January 21,” Yellen said in a letter to the leadership of the US Congress in connection with the achievement of the national debt ceiling and the threat of default.

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Yellen added that emergency measures will last until March 14. She warned that the emergency period will be subject to “considerable uncertainty,” including challenges in forecasting U.S. government payments and receipts months in advance.

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“I respectfully urge Congress to act quickly,” the Treasury secretary said.

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On December 21, US President Joe Biden signed a temporary budget bill, which helped prevent a shutdown. By the end of the funding period for federal departments provided for by the new law (March 14), a new US administration led by Donald Trump will already be in power.