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."
Americans are segregating by their politics at a rapid clip, helping fuel the greatest divide between the states in modern history.
China has restricted exports of high-tech metals gallium and germanium, which are critical to making chips, in response to the U.S. blocking them from access to advanced chips.
A federal judge in Louisiana has restricted the Biden administration from communicating with social media platforms regarding content.
Russia said it's in contact with the U.S. over the imprisonment of journalist Evan Gershkovich.
They spoke to The Associated Press on condition of anonymity because they were not authorized to discuss the investigation publicly.
Former President Donald Trump reportedly pressured former Arizona Gov. Doug Ducey to overturn the state's 2020 election results.
Former President Donald Trump reportedly pressured former Arizona Governor Doug Ducey to overturn the state's 2020 election results.
Former New Jersey Gov. Chris Christie said President Joe Biden and former President Donald Trump are "beyond their sell-by date" in an interview with The New York Times.
Overturning Roe v. Wade and eliminating affirmative action in higher education had been leading goals of the conservative legal movement for decades. In a span of 370 days, a Supreme Court reshaped by three justices nominated by President Donald Trump made both a reality.
No one wants their Fourth of July to end like that of Zachary Taylor, the twelfth U.S. president.
