U.S. Treasury starts taking vital steps to avoid govt debt limit violation

The U.S. Treasury is taking extraordinary measures to avoid violating the government debt limit, Treasury Secretary Steven Mnuchin said in a letter to House of Representatives Speaker Nancy Pelosi on Monday. He said he was suspending investment in the Civil Service Retirement and Disability Fund and a "debt issuance suspension period" would begin on Monday and last until June 5.

"I respectfully urge Congress to protect the full faith and credit of the United States by acting to increase the statutory debt limit as soon as possible," Mnuchin said. 

(With inputs from agencies.)