Treasury Secretary Janet Yellen has notified Congress that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default.
FILE - Treasury Secretary Janet Yellen speaks with reporters during a visit to the Virginia Innovation Partnership Corporation incubator at the Center for Innovative Technology campus in Herndon, Va., Oct. 21, 2022. Yellen has notified Congress that 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 notified Congress on Friday that the U.S.
In this new Congress, the debt ceiling debate will almost certainly trigger a political showdown between newly empowered GOP lawmakers who now control the House and want to cut spending and President Joe Biden and Democrats, who had enjoyed one-party control of Washington for the past two years. House Republican leaders liken the debt ceiling to a credit card limit and have said they would only raise the statutory ceiling if doing so also secures a spending overhaul. In an interview this week on Fox News Channel, new House Speaker Kevin McCarthy stopped short of saying House Republicans would go so far as to refuse to pass the annual spending bills needed to fund the government, as happened more than a decade ago during an earlier debt ceiling showdown in Congress.
“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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