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 U.S., South Korea and Japan will announce plans on how they will address concerns about North Korea's nuclear program at a gathering in Camp David.
A list of criminal charges in Georgia against former President Donald Trump briefly appeared Monday on a Fulton County website, but prosecutors said Trump had not been indicted in a long-running investigation of the 2020 presidential election.
A Montana judge on Monday sided with young environmental activists who said state agencies were violating their constitutional right to a clean and healthful environment by permitting fossil fuel development without considering its effect on the climate.
Attorney General Merrick Garland announced Friday he has appointed a special counsel in the Hunter Biden probe, deepening the investigation of the president's son ahead of the 2024 election.
