The Treasury Department will begin conducting emergency cash-conservation steps to avoid busting the U.S. debt ceiling.
impressed upon Pelosi that trillions in federal spending and Covid relief laws have made it more difficult to say how long Treasury will be able to sustain its extraordinary measures.
Unless the government floats new Treasury bonds, payments on Social Security, Medicare, military spending, interest on U.S. debt and other obligations just stop. "However, the implication is a further showdown in Washington eroding the average American's confidence in a cohesive, functioning government," she added. "It also highlights the ongoing infighting among policy officials which will make it more difficult for the two sides to come together on anything from spending to infrastructure to the debt ceiling."
Complicating matters this year is the fact that members of Congress in both parties are eager to find compromise on a trillion-dollar infrastructure deal.
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