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."
New York Congressman George Santos is now accused of stealing the identities of his political donors, according to a new 23-count indictment that prosecutors filed Tuesday.
A new indictment filed Tuesday charges U.S. Rep. George Santos with stealing the identities of donors to his campaign and then using their credit cards to ring up tens of thousands of dollars in unauthorized charges.
President Joe Biden on Tuesday condemned the militant group Hamas for “sheer evil” for its shocking multipronged attack on Israel launched from the Gaza Strip that has killed hundreds of civilians, including at least 14 American citizens.
More Californians with untreated mental illness and addiction issues could be detained against their will and forced into treatment under a new law signed by Gov. Gavin Newsom, a move to help overhaul the state's mental health system and address its growing homelessness crisis.
Wall Street Journal reporter Evan Gershkovich lost an appeal Tuesday to be released from jail on espionage charges, meaning he will remain behind bars at least through Nov. 30.
