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."
Indiana's initial estimate for Medicaid expenses is nearly $1 billion short of its now-predicted need, state lawmakers learned in a report that ignited concern over the state's budget and access to the low-income healthcare program.
The IRS said Tuesday it is going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 per year for tax years 2020 and 2021.
Senate leaders announced Tuesday that there will not be a vote this year on a border security package that included funding for Ukraine and Israel.
Criticism is continuing to mount on former President Donald Trump for his comments over the weekend saying immigrants are "poisoning the blood" of the country.
A former Proud Boys organizer was sentenced to 40 months in prison yesterday for his involvement in the January 6, 2021 attack on the U.S. Capitol.
Israel reportedly delivered an offer with possible terms for a second week-long ceasefire.
A divided Colorado Supreme Court is removing former President Donald Trump from the state’s primary ballot, saying in a historic ruling that he is ineligible to be president after his role in the Jan. 6, 2021, attack on the U.S. Capitol.
The death of a 5-year-old migrant boy and reported illnesses in other children living at a warehouse retrofitted as a shelter has raised fresh concerns about the living conditions and medical care provided for asylum-seekers arriving in Chicago.
New York State will create a commission tasked with considering reparations to address the persistent, harmful effects of slavery in the state under a bill signed into law by Gov. Kathy Hochul on Tuesday.
The White House is lending its support to an auto industry effort to standardize Tesla’s electric vehicle charging plugs for all EVs in the United States.
