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."
News 12 reporter Tara Rosenblum sat down for an exclusive interview with Robert F. Kennedy Jr. who announced his campaign for the 2024 Democratic presidential nomination in April.
Montana has become the first state to enact a complete ban on TikTok. Republican Gov. Greg Gianforte signed the legislation Wednesday and it is scheduled to take effect next January.
The Supreme Court says that Illinois can, for now, keep in place a new law that bars the sale of certain semiautomatic guns and large-capacity magazines.
North Carolina's Republican-led House passed a 12-week abortion law, overriding Gov. Roy Cooper's veto.
Black people are disproportionately denied aid from state programs that reimburse victims of violent crime.
President Joe Biden is declaring he's confident the U.S. will avoid an unprecedented and potentially catastrophic debt default, saying talks with congressional Republicans have been productive.
Florida is banning gender affirming care for minors among a series of anti-LGBTQ+ bills signed by Republican Gov. Ron DeSantis. DeSantis chose a Christian school Wednesday to sign the bills.
An unknown man managed to slip undetected inside the home of White House national security adviser Jake Sullivan, according to two people familiar with the incident. The U.S. Secret Service is investigating.
Legislation banning most abortions after 12 weeks of pregnancy is becoming law in North Carolina after the state’s Republican-controlled General Assembly successfully overrode the Democratic governor’s veto.
New York Expands Regulations for Adult-Use Marijuana Dispensaries
