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11/17/2021 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 November 16, 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 can be found here and is available below. November 16, 2021 The Honorable Nancy Pelosi Speaker U.S. House of Representatives Washington, DC 20515 Dear Madam Speaker: I am writing to provide an update regarding the Treasury Departmentʼs ability to continue to finance the operations of the federal government under the constraints of the debt limit. In my October 18 letter to you, I noted that the recent $480 billion increase in the debt limit provided a high degree of confidence that Treasury would be able to finance the U.S. government through December 3, 2021. Based on our most recent information, I am now able to further refine that projection. Yesterday, the President signed the Infrastructure Investment and Jobs Act, which appropriates $118 billion for the Highway Trust Fund. Under 26 U.S.C. § 9601, these funds must be transferred into the Highway Trust Fund within one month a er the enactment of the legislation, and the transfer will be completed on December 15. Promptly therea er, the funds will be invested in nonmarketable Treasury securities subject to the debt limit. While I have a high degree of confidence that Treasury will be able to finance the U.S. government through December 15 and complete the Highway Trust Fund investment, there are scenarios in which https://home.treasury.gov/news/press-releases/jy0488 1/2 11/17/2021 Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit | U.S. Departme… Treasury would be le with insu icient remaining resources to continue to finance the operations of the U.S. government beyond this date. As the federal governmentʼs cash flow is subject to unavoidable variability, I will continue to update Congress as more information becomes available. To ensure the full faith and credit of the United States, it is critical that Congress raise or suspend the debt limit as soon as possible. Sincerely, Janet L. Yellen https://home.treasury.gov/news/press-releases/jy0488 2/2
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