The United States could witness a catastrophe by October 19 as the country is only weeks from defaulting on its debts for the first time.
The $28.4 trillion debt limit was re-established August 1. From that point, Treasury Secretary Janet Yellen has been keeping the country’s funds well by utilizing emergency accounting manoeuvres known as “extraordinary measures,” which allows the government to borrow additional funds without breaching the debts ceiling.
This week, Yellen warned lawmakers that if Congress fails to raise, or suspend, the debt ceiling, the federal government will deplete those extraordinary measures by October 18.
It is not certain if the country would be able to continue to meet her commitments after that date as the nation could hit the debt ceiling days before or days after October 18.