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10/19/2021

Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit | U.S. Departme…

U.S. DEPARTMENT OF THE TREASURY
Secretary of the Treasury Janet L. Yellen Sends Letter to
Congressional Leadership on the Debt Limit
October 18, 2021

WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to
Congressional leadership regarding the debt limit.
The full text of the letter

, is also available below.

The Honorable Nancy Pelosi
Speaker
U.S. House of Representatives
Washington, DC 20515
Dear Madam Speaker:
The increase in the debt limit signed into law last week provides a high degree of confidence
that Treasury will continue to be able to finance the operations of the federal government
through December 3, 2021. However, 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.
The recent increase in the debt limit provides only a temporary reprieve, and Treasury will
need to use certain extraordinary measures through December 3. On September 28, I
informed you that I had determined that a debt issuance suspension period (DISP) would
continue through October 18, 2021. In light of the recent increase in the debt limit, I am
writing to notify you, pursuant to 5 U.S.C. § 8348(l)(2), of my determination that, by reason of
the statutory debt limit, I will be unable to fully invest through December 3, 2021 the portion
of the Civil Service Retirement and Disability Fund (CSRDF) not immediately required to pay
beneficiaries and that the DISP previously determined to end on October 18, 2021 will
continue through December 3, 2021. As a result, during such period, Treasury will generally
suspend additional investments of amounts credited to, and will redeem an additional
portion of the investment held by, the CSRDF, as authorized by law.
https://home.treasury.gov/news/press-releases/jy0412

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10/19/2021

Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit | U.S. Departme…

In addition, because the Postal Accountability and Enhancement Act of 2006 provides that
investments in the Postal Service Retiree Health Benefits Fund (PSRHBF) shall be made in
the same manner as investments for the CSRDF, Treasury will also suspend additional
investments of amounts credited to, and will redeem an additional portion of the
investments held by, the PSRHBF. By law, the CSRDF and PSRHBF will be made whole once
the debt limit is increased or suspended. Federal retirees and employees will be una ected
by these actions.
Treasury will also extend its suspension of the sale of State and Local Government Series
securities, which was initially announced on July 23, 2021.
Again, I respectfully urge Congress to act to protect the full faith and credit of the United
States.
Sincerely,
Janet L. Yellen
Identical letter sent to:
The Honorable Kevin McCarthy, House Republican Leader
The Honorable Charles E. Schumer, Senate Majority Leader
The Honorable Mitch McConnell, Senate Republican Leader
cc:

The Honorable Richard E. Neal, Chairman, House Committee on Ways and Means
The Honorable Kevin Brady, Ranking Member, House Committee on Ways and Means
The Honorable Ron Wyden, Chairman, Senate Committee on Finance
The Honorable Mike Crapo, Ranking Member, Senate Committee on Finance
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https://home.treasury.gov/news/press-releases/jy0412

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