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."
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The Florida Senate on Monday approved a bill to ban abortions after six weeks, a measure supported by Gov. Ron DeSantis as the Republican prepares to launch his expected presidential candidacy.
Floridians will be able to carry concealed guns without a permit under a bill Republican Gov. Ron DeSantis signed Monday, giving the governor another legislative victory as he prepares a campaign for president.
President Joe Biden's administration is making $450 million available for solar farms and other clean energy projects across the country at the site of current or former coal mines, part of his ongoing efforts to combat climate change.
Disney CEO Bob Iger on Monday said any retaliatory actions by Florida Gov. Ron DeSantis and the Republican-controlled Florida Legislature against the company that threaten jobs or expansion at its Florida resort is not only “anti-business ... but anti-Florida.”
Finland has joined the NATO military alliance. The move deals a major blow to Russia with a historic realignment of the continent triggered by Moscow’s invasion of Ukraine.
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The blue-and-white Finnish flag rises outside NATO headquarters Tuesday afternoon, doubling Russia’s border with the world’s biggest security alliance.
Cheddar News' Senior Reporter Chloe Aiello breaks down who will qualify for federal electric vehicle tax credits following recent changes.
