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https://www.cnn.com/2023/01/19/politics/debt-ceiling-deadline-treasury/index.html
CNN)The US hit the debt ceiling set by Congress on Thursday, forcing the Treasury Department to start taking extraordinary measures to keep the government paying its bills and escalating pressure on Capitol Hill to avoid a catastrophic default.
The battle lines for the high-stakes fight have already been set. Hardline Republicans, who have enormous sway in the House because of the party's slim majority, have demanded that lifting the borrowing cap be tied to spending reductions. The White House countered that it will not offer any concessions or negotiate on raising the debt ceiling. And with the solution to the debt ceiling drama squarely in lawmakers' hands, fears are growing that the partisan brinksmanship could result in the nation defaulting on its debt for the first time ever -- or coming dangerously close to doing so.
https://apnews.com/article/us-debt-limit-political-friction-3652d50a1567c1e7ab544614b7f2b357
WASHINGTON (AP) — The U.S. government bumped up against its debt limit Thursday, prompting the Treasury Department to take “extraordinary” accounting steps to avoid default — as friction between President Joe Biden and House Republicans raised concern about whether the U.S. can sidestep an economic crisis.
The Treasury Department said in a letter to congressional leaders it had started taking “extraordinary measures” as the government had run up against its legal borrowing capacity of $31.381 trillion. An artificially imposed cap, the debt ceiling has been increased roughly 80 times since the 1960s.
Biden insists on a “clean” increase to the debt limit so that existing financial commitments can be sustained and is refusing to even start talks with Republicans. McCarthy is calling for negotiations that he believes will lead to spending cuts. It’s unclear how much he wants to trim and whether fellow Republicans would support any deal after a testy start to the new Congress that required 15 rounds of voting to elect McCarthy as speaker.
Asked twice on Wednesday if there was evidence that House Republicans can ensure the government will avert a default, White House press secretary Karine Jean-Pierre said it’s their “constitutional responsibility.” She did not say whether the White House saw signs at this stage that a default was out of the question.
“We’re just not going to negotiate that,” Jean-Pierre said. “They should feel the responsibility.
Fun times ahead... thoughts ?
CNN)The US hit the debt ceiling set by Congress on Thursday, forcing the Treasury Department to start taking extraordinary measures to keep the government paying its bills and escalating pressure on Capitol Hill to avoid a catastrophic default.
The battle lines for the high-stakes fight have already been set. Hardline Republicans, who have enormous sway in the House because of the party's slim majority, have demanded that lifting the borrowing cap be tied to spending reductions. The White House countered that it will not offer any concessions or negotiate on raising the debt ceiling. And with the solution to the debt ceiling drama squarely in lawmakers' hands, fears are growing that the partisan brinksmanship could result in the nation defaulting on its debt for the first time ever -- or coming dangerously close to doing so.
https://apnews.com/article/us-debt-limit-political-friction-3652d50a1567c1e7ab544614b7f2b357
WASHINGTON (AP) — The U.S. government bumped up against its debt limit Thursday, prompting the Treasury Department to take “extraordinary” accounting steps to avoid default — as friction between President Joe Biden and House Republicans raised concern about whether the U.S. can sidestep an economic crisis.
The Treasury Department said in a letter to congressional leaders it had started taking “extraordinary measures” as the government had run up against its legal borrowing capacity of $31.381 trillion. An artificially imposed cap, the debt ceiling has been increased roughly 80 times since the 1960s.
Biden insists on a “clean” increase to the debt limit so that existing financial commitments can be sustained and is refusing to even start talks with Republicans. McCarthy is calling for negotiations that he believes will lead to spending cuts. It’s unclear how much he wants to trim and whether fellow Republicans would support any deal after a testy start to the new Congress that required 15 rounds of voting to elect McCarthy as speaker.
Asked twice on Wednesday if there was evidence that House Republicans can ensure the government will avert a default, White House press secretary Karine Jean-Pierre said it’s their “constitutional responsibility.” She did not say whether the White House saw signs at this stage that a default was out of the question.
“We’re just not going to negotiate that,” Jean-Pierre said. “They should feel the responsibility.
Fun times ahead... thoughts ?
