Treasury Secretary Warns We'll Be Out of Money Before Christmas

The U.S. could hit its debt limit on Dec. 15, Treasury Secretary Janet Yellen told lawmakers on Tuesday.

Yellen is now urging lawmakers to raise the federal debt limit, according to The New York Times. She originally suggested the limit could be hit on Dec. 3.

This extension gives Congress more time to strike a deal to raise the nation’s debt cap. But Yellen is still pushing for fast action because the Treasury could quickly run out of money and not be able to keep financing the government.