The White House and congressional Democrats continue to look at their options to avoid a looming financial crisis as Republicans so far refuse a clean raising of the debt ceiling.
Treasury Secretary Janet Yellen said Monday that her department would run out of funds by June 1 if the limit isn’t raised or suspended.
."If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests."that would raise the debt ceiling but attached numerous other provisions that would freeze government spending and gut a number of President Biden's signature programs.
If Congress does not find a way to raise the debt ceiling and allow the federal government to fulfill its spending obligations, the country could default on payments for bondholders as well as payments to service members and retirees. The ripple effects could cause a financial calamity, experts have warned.
In the decades that followed, the lifting of the debt ceiling was regularly done on a bipartisan basis and with little drama. When President Barack Obama was in office, Republicans used the debt ceiling to negotiate other pieces of legislation. During the current standoff, Democrats have circulated a 2019 quote from
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Explainer: Could Biden avert a debt default by using the 14th Amendment?The divided U.S. Congress is running out of time to raise the federal government's $31.4 trillion debt ceiling, with the Treasury Department warning it could be unable to pay its bills as soon as June 1.
Read more »
WATCH: Hunter Biden ignores questions about President Biden refusing to acknowledge daughter with ex-stripperHunter Biden ignored Fox News Digital's questions about the refusal of his father, President Joe Biden, to acknowledge Hunter's 4-year-old daughter born out of wedlock.
Read more »
2011 emails reveal Hunter Biden helped business associates get access to VP Biden, top aideThen-Vice President Joe Biden appears to have held a meeting with three of Hunter Biden’s business associates while his son was trying to secure a multibillion-dollar deal with them.
Read more »
Palisades wins record 14th consecutive City Section tennis championshipPalisades defeats Granada Hills to continue domination in City Section tennis, claiming its record 14th consecutive title.
Read more »
Ex-Ohio AGs trash plan to thwart abortion rights effort by raising constitutional amendment thresholdA bipartisan group of former Ohio Attorneys General want Ohio General Assembly members to halt a drive by the legislature’s Republican majority to raise the threshold of voters required to amend Ohio’s constitution from a numerical majority to a 60% vote.
Read more »