Treasury secretary warns another crisis is coming unless 'extraordinary measures' taken

Outgoing Treasury Secretary Janet Yellen issued a dire warning that "extraordinary measures" will need to be taken to avoid a default on U.S. debt if Congress does not act to raise the debt ceiling soon, The New York Times reported Friday.

Yellen's warning, notes the report, comes "at a fractious political moment. Republicans are set to take control of Washington next month ... The debt limit was suspended in June 2023 after a contentious negotiation over federal spending, work requirements...