Yellen says extraordinary measures to avoid default will begin as soon as Jan. 14

Treasury Secretary Janet Yellen suggested in a letter to Congress on Friday that the department doesn't think the U.S. will need to take "extraordinary measures" on Jan. 2 to avoid defaulting on its obligations, and instead expects that it will reach the new limit between Jan. 14 and 23.

"Treasury currently expects to reach the new limit between January 14 and January 23, at which time it will be necessary for Treasury to start taking extraordinary measures," Yellen wrote in the letter.