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."
Nine current or former Northern California police officers were charged Thursday in a federal corruption investigation that found evidence they committed civil rights violations and fraud in an effort to get a pay raise and lied on reports to cover up the use of excessive force, U.S. authorities said.
President Joe Biden opened a historic summit with Japan and South Korea at Camp David on Friday focused on strengthening security and economic ties at a time of increasing concerns about North Korea’s persistent nuclear threats and China’s provocations in the Pacific.
A Texas woman was arrested and has been charged with threatening to kill the federal judge overseeing the criminal case against former President Donald Trump in Washington and a member of Congress.
The prosecutor in Atlanta who obtained an indictment this week against former President Donald Trump and 18 others wants to take the case to trial in March.
