U.S. hits debt limit and Treasury Department begins ‘extraordinary measures’
The often-used practice is intended to give the
This year's debate over how exactly to do that is expected to be especially tense after Speaker
The stalemate could have significant impacts on the global economy, financial markets and the nation's credit rating the longer it goes.
If disagreements about how to address the debt limit last too long, the
Manchin gets involved
"So it is essential for
West Virginia Democratic Sen.
Manchin noted that
"We're not getting rid of anything, and you can't scare the bejesus out of people saying we're going to get rid of
"But we should be able to solidify it, so the people who have worked and earned it know they're going to get it."
Debt limit reached
Treasury Secretary
She wrote to lawmakers again Thursday, telling them the country had in fact reached its debt limit and she had begun using some of the extraordinary measures to keep paying all of the country's bills in full and on time.
The accounting maneuvers will likely last until at least early June, but Yellen continued pressing
"As I stated in my
McCarthy made several concessions to the more right-leaning members of his party in exchange for many of them voting present so that he could become speaker with fewer than 218 votes, a majority of the 435-member House.
Among those was not agreeing to a debt limit increase without a budget agreement or "commensurate fiscal reforms."
McCarthy also agreed to several changes to both discretionary programs, which are funded annually through the appropriations process, and mandatory programs, which essentially run on autopilot.
He promised to lower discretionary spending for federal agencies by at least
'Ticking time bomb'
Pennsylvania Democratic Rep.
Boyle added; "The fact that
House Budget Chairman
"We will pay our debts, but we will not enable politicians to bankrupt our country."
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