Treasury Secretary Janet Yellen warned Congress on Friday that "extraordinary measures" will be necessary as early as Jan. 14 unless Congress acts to raise or otherwise suspend the debt ceiling. Why it matters: President-elect Trump has voiced support to abolish the debt limit despite some of his supporters historically opposing action to raise the debt ceiling during Democratic administrations.

Extraordinary measures” will be needed to keep the US from defaulting on its obligations if the nation’s debt ceiling isn’t raised or suspended by mid-January, Treasury Secretary Janet Yellen warned Congress Friday.

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,