Janet Yellen. Credit: Kent Nishimura/Bloomberg.

Last Friday, outgoing Treasury Secretary Janet Yellen said that her department would start taking special accounting maneuvers, as of today, to avoid breaching the U.S. debt limit—and she urged lawmakers again to take steps to increase or suspend the statutory ceiling. In a letter to bipartisan congressional leaders, Yellen advised them “of the extraordinary measures that Treasury will begin using on January 21,” adding, “I respectfully urge Congress to act promptly to protect the full faith and credit of the United States.”

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