The U.S. is projected to reach its debt limit on Thursday and will then resort to 'extraordinary measures' to avoid default, Treasury Secretary Janet Yellen told Congress.
Treasury Secretary Janet Yellen notified Congress on Friday that the U.S. is projected to reach its debt limit on Thursday.
"Failure to meet the government's obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability," she said. The White House has insisted that it won't allow the nation's credit to be held captive to the demands of GOP lawmakers. New House Speaker Kevin McCarthy told reporters in his first press conference that he had a "very good conversation" with Biden about the coming debt ceiling debate. "We don't want to put any fiscal problems to our economy and we won't, but fiscal problems would be continuing to do business as usual," he said.
They said the two parties worked together to increase the debt limit three times when Trump was president and Republicans had majorities in the House and Senate. "This time should be no different," the Democratic leaders said. "Most policymakers agree that we have a major fiscal challenge as a country, our debt is unsustainable," he said, and "there's no reason why we couldn't agree on measures to improve our fiscal outcome, and also ensure that we are paying all of our bills in full and on time."
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