10/18, 10:43 PM (Source: TeleTrader)
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Yellen warns Congress on debt limit measures

United States Treasury Secretary Janet Yellen has written to House Speaker Nancy Pelosi again on Monday regarding the debt ceiling issue, warning that "it is imperative that Congress act to increase or suspend the debt limit in a way that provides longer-term certainty that the government will satisfy all its obligations."

Yellen reiterated that the recent increase granted "only a temporary reprieve" and that Treasury will need to employ "extraordinary measures" through to December 3. These include continuing a debt issuance suspension period (DISP) relating to portions of the Civil Service Retirement and Disability Fund (CSRDF) and the Postal Service Retiree Health Benefits Fund (PSRHBF) "not immediately required to pay beneficiaries".

The suspension of the sale of State and Local Government Series securities will also be extended, having initially been announced on July 23.

Breaking the News / IB