Janet Yellen issues grim warning over America's fiscal future

Outgoing Treasury Secretary has issued a stark warning to about the United States' fiscal future.

In a letter to Republican House Speaker on Friday, Yellen claimed that the federal government will hit its debt limit as early as next month unless Congress takes action.

Otherwise, she said, the Treasury Department would have to begin taking 'extraordinary measures' to prevent the US from defaulting on its debt.

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