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."
The Florida GOP suspended its chairman yesterday amid a police investigation into a rape accusation against him.
Lawmakers may finally be close to a deal for a new border security bill.
A car crashed into a parked Secret Service SUV that was guarding President Biden's motorcade in Delaware on Sunday.
A car plowed into a parked SUV that was guarding President Joe Biden’s motorcade Sunday night while the president was leaving a visit to his campaign headquarters.
Negotiators insist they are making progress, but a hoped-for framework did not emerge. The talks come as Donald Trump, the Republican presidential front-runner in 2024, delivered alarming anti-immigrant remarks about “blood” purity over the weekend, echoing Nazi slogans of World War II at a political rally.
The Supreme Court decided to leave in place a ban on semi-automatic weapons in the state of Illinois.
The Senate passed a bill giving retroactive pay increases to those service members who may have been affected by the hold on military promotions caused by Senator Tommy Tuberville.
Jurors are expected to resume deliberations this morning in a case that centers on how much Donald Trump's former lawyer Rudy Giuliani must pay in his damages defamation trial.
President Biden said Israel needs to be more careful when it comes to civilian deaths in its war with Hamas as the next phase of the war is weeks away.
The White House has unveiled a list of 48 drugs that drugmakers will have to pay rebates to the federal government on due to raising their prices higher than the cost of inflation during this year.
