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."
The Supreme Court on Thursday allowed construction to resume on a contested natural-gas pipeline that is being built through Virginia and West Virginia.
Lawyers for Donald Trump met Thursday with members of special counsel Jack Smith's team ahead of a potential indictment over the former president's efforts to overturn the results of the 2020 election, according to a person familiar with the matter.
The U.S. is concealing a longstanding program that retrieves and reverse engineers unidentified flying objects, a former Air Force intelligence officer testified Wednesday to Congress. The Pentagon has denied his claims.
President Joe Biden’s son Hunter's plea deal on two tax charges fell apart on Wednesday, at least temporarily, after the federal judge hearing his case expressed concern over a related agreement on a more serious gun possession charge.
House Speaker Kevin McCarthy says Republican lawmakers may consider an impeachment inquiry of President Joe Biden over unproven claims of financial misconduct, responding to enormous GOP pressure to demonstrate support for Donald Trump ahead of the 2024 presidential election.
