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."
More Covid-era benefits are ending.
The Supreme Court justices are taking the bench for the first time since June in a new session.
President Joe Biden signed a spending bill late Saturday night after a last-ditch bipartisan deal to avoid a government shutdown.
California Gov. Gavin Newsom appointed Laphonza Butler, president of EMILY's List, to succeed Sen. Dianne Feinstein, who passed away last week.
Former President Donald Trump denounced the civil fraud case over his business practices as a politically motivated “scam” as he arrived defiantly for a trial in the lawsuit, which could cost him control of Trump Tower and other prized properties.
Memorial services for California Sen. Dianne Feinstein are now set.
Stocks fell to open the new week and a new month despite a bipartisan deal at the 11th hour to avoid a government shutdown.
McCarthy passed a temporary spending bill with Democratic support, enraging Gaetz and other far-right members whose demands for spending cuts were a nonstarter with the Senate and President Joe Biden.
California Gov. Gavin Newsom fulfilled his pledge to appoint a Black woman if Dianne Feinstein’s seat became open. The long-serving Democratic senator died Thursday after a series of illnesses.
Police seized computers and cellphones during searches of the Marion County Record's office and the home of its publisher in August.
