Yellen: U.S. Will Be out of Money in October If Congress Doesn’t Raise Debt Ceiling

Treasury Secretary Janet Yellen warned congressional leaders Wednesday that the U.S. is on track to default on its debt sometime in October if Congress fails to raise the debt ceiling.

Yellen said the Treasury would likely run out of cash in the coming weeks and exhaust its “extraordinary” spending measures to keep the country within its legal borrowing limit.

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Inflation Crisis: Consumer Prices Surge 5.4 Percent, Led by Food and Energy Costs

Inflation increased at a rapid 5.4% clip compared to August 2020, the Department of Labor said Wednesday.

The Consumer Price Index (CPI), a common tool used to measure inflation, increased 0.5% between June and July, according to the Labor Department report.

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