U.S. Treasury Secretary Janet Yellen says she's suspending the reinvestment of federal bonds in a government workers’ savings plan — an additional “extraordinary” measure to buy time for President Joe Biden and Congress to raise the nation’s debt limit.
Senate Republican Leader Mitch McConnell has said the U.S. will not default, but it’s unclear how Biden can reconcile his insistence on a clean increase with McCarthy’s demand for spending cuts.
But Jean-Pierre said that deficit reduction should not be tied to whether the U.S. government pays its bills that are already being incurred.
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