The Treasury Department projects that the federal government on Thursday will reach its legal borrowing capacity.
WASHINGTON — The U.S. government bumped up against its debt limit Thursday, prompting the Treasury Department to take “extraordinary” accounting steps to
But this particular moment seems more fraught than past brushes with the debt limit because of the broad differences between Biden and new House Speaker Kevin McCarthy, who presides overThose differences increase the risk that the government could default on its obligations for political reasons. That could rattle financial markets and plunge the world’s largest economy into a preventable recession.
“Why create a crisis over this?” McCarthy said this week. “I mean, we’ve got a Republican House, a Democratic Senate. We’ve got the president there. I think it’s arrogance to say, ‘Oh, we’re not going to negotiate about pretty much anything’ and especially when it comes to funding.” “This is not complicated: If the MAGA GOP stops paying our nation’s bills, Americans will be the ones to pay the price,” said Senate Majority Leader Chuck Schumer, D-N.Y. “Political brinkmanship with the debt limit would be a massive hit to local economies, American families, and would be nothing less than an economic crisis at the hands of the Republicans.”was originally a fix made during World War I that enabled bonds to be issued without requiring repeated congressional approvals.
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