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."
An Associated Press analysis of more than 130 bills in 40 state legislatures found of the proposals, as introduced or passed, are identical or very similar to some model legislation, the AP found.
A new poll finds that most U.S. adults say they are highly concerned about how the nation's economy would be affected if the debt limit isn't increased and the government can't pay its debts.
Orlando, FL Mayor Buddy Dyer spoke with Cheddar News about what's in store this summer for his city as Memorial Day weekend kicks off next week and how his administration is navigating certain political challenges.
The Walt Disney Co. says it's scrapping plans to build a new campus in central Florida and relocate 2,000 employees from Southern California to work in digital technology, finance and product development.
