The U.S. has surpassed its $31.4 trillion debt limit, leading the Treasury Department to implement extraordinary measures.
Treasury Secretary Janet Yellen notified Congressional leadership Thursday morning that she would begin implementing stopgap options to keep the government funded and avoid default. However, she has stressed the measures can only be used for a limited amount of time, likely through June.
Yellen has said it’s critical Congress act in a timely manner, warning that failure to address the debt ceiling would cause irreparable harm to the U.S. economy.
"I respectfully urge Congress to act promptly to protect the full faith and credit of the United States," Yellen wrote in Thursday’s letter to congressional leaders.
Republicans, led by House Speaker Kevin McCarthy, are looking to use the additional time to negotiate with Democrats; they are hoping to cut spending in exchange for raising the debt ceiling. But, Democrats are so far refusing to make concessions.
"It is something that should be done without concessions. We should not be negotiating around it," White House Press Secretary Karine Jean-Pierre told reporters Wednesday. "It is the basic duty of Congress to get that done."
Capitol Police Chief Tom Manger said the false alarm "may have been a bogus call" but that law enforcement agencies are ready to stop any attempt to disrupt the court case of former President Donald Trump, who was indicted Tuesday on charges of trying to overthrow the 2020 election.
The federal judge assigned to the election fraud case against former President Donald Trump has stood out as one of the toughest punishers of rioters who stormed the U.S. Capitol in an attack fueled by Trump's baseless claims of a stolen election. She has also ruled against him before.
