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."
Oil companies offered a combined $264 million for drilling rights in federal waters in the Gulf of Mexico on Wednesday in a sale mandated by last year’s climate bill compromise.
Adidas is withdrawing its challenge to a Black Lives Matter trademark application featuring three parallel stripes, two days after it contested the image with the U.S. Trademark Office.
The state of Arkansas sued TikTok and Facebook parent Meta on Tuesday, claiming the social media companies were misleading consumers about the safety of children on their platforms and protections of users' private data.
Russia’s top security agency arrested an American reporter for the Wall Street Journal on espionage charges, the first time a U.S. correspondent was put behind bars on spying accusations since the Cold War. The newspaper denied the allegations against Evan Gershkovich.
North Carolina residents can now buy a handgun without getting a permit from a local sheriff. The Republican-controlled state House on Wednesday overrode the Democratic governor’s veto.
Longtime Starbucks CEO Howard Schultz is facing sharp questioning before the Senate Health, Education, Labor and Pensions Committee where he is defending the company’s actions during an ongoing unionizing campaign.
Credit Suisse violated a plea agreement with U.S. authorities by failing to report secret offshore accounts that wealthy Americans used to avoid paying taxes, U.S. lawmakers said Wednesday.
Capitol hill is trying to get to the bottom of the bank collapses that shocked the financial system last month, and today lawmakers grilled banking regulators about why they weren't able to stop the crisis. Cheddar News correspondent Lisa Bennatan broke down the proceedings.
