Treasury Secretary Janet Yellen said the U.S. risks an economic “calamity” if Congress fails to raise the nation’s debt limit.
in return for raising the borrowing limit, while Biden has said the threat of default shouldn't be used as leverage in budget talks.
An increase in the debt limit would not authorize new federal spending. It would only allow borrowing to pay for what Congress has already approved.with McCarthy, House Minority Leader Hakeem Jeffries, D-N.Y., Senate Majority Leader Chuck Schumer, D-N.Y., and Senate Minority Leader Mitch McConnell, R-Ky., will be the first substantive talks between Biden and McCarthy in months.but impose significant federal spending cuts.
“What to do if Congress fails to meet its responsibility? There are simply no good options," she added. The 14th Amendment question was studied by Obama administration lawyers during the 2011 debt limit showdown, which informed Biden’s refusal to negotiate now with Republicans on raising the debt limit. At the time, Justice Department lawyers said they did not believe the president had the unilateral power to issue new debt.Biden, in an interview with MSNBC on Friday, was asked about the 14th Amendment proposal, saying, “I’ve not gotten there yet.
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