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."
With House Speaker Kevin McCarthy's latest funding plan in ruins and lawmakers leaving town for the weekend, there's no endgame in sight as hard-right Republicans push dangerously closer to a disruptive federal shutdown.
A judge rejected Hunter Biden's request to attend his next court hearing virtually.
Free Covid tests are making a return thanks to the federal government.
The Biden administration said it's allowing about 100,000 Venezuelan migrants already in the U.S. to work and live legally in the country.
The U.S. sent two prototype drone ships to Japan to start testing surveillance and possible attacks against China.
A judge rejected Hunter Biden's request to appear virtually at his next court hearing.
House Republicans clashed with Attorney General Merrick Garland on Wednesday, accusing him and the Justice Department of the “weaponization” of the department's work in favor of President Joe Biden 's son Hunter.
The Federal Reserve left its key interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased. But Fed officials also signaled that they expect to raise rates once more this year.
The Biden administration announced Wednesday that it is providing $600 million in funding to produce new at-home COVID-19 tests and is restarting a website allowing Americans to again order up to four free tests per household — aiming to prevent possible shortages during a rise in coronavirus cases that has typically come during colder months.
The Pentagon began a new effort Wednesday to contact former service members who may have been forced out of the military and deprived of years of benefits due to policies targeting their sexual orientation, starting with those who served under “Don't Ask, Don't Tell."
