The extraordinary measures will buy Congress some time -- Secretary Yellen said it's unlikely the government will exhaust its cash and the emergency maneuvers before early June, though she noted there is 'considerable uncertainty' around that forecast.
The US hit the debt ceiling set by Congress on Thursday, forcing the Treasury Department to start taking extraordinary measures to keep the government open and escalating pressure on Capitol Hill to avoid a catastrophic default.
He added, "Even just the specter that the United States might not honor its obligations does damage to the economy."follows the warning Yellen sent last week about the approaching debt limit For now, he is leaning on using the debt ceiling crisis to cut spending and balance the US budget. On Tuesday, McCarthy rejected Democratic calls for a clean debt ceiling increase without any conditions attached -- something Congress has done time and again, including under then-President Donald Trump. The speaker told reporters on Capitol Hill that the Biden administration should begin to negotiate ahead of this summer, when the US could default.
The White House on Wednesday blasted the Arizona Republican's "stunning and unacceptable position" and once again rejected calls to reduce spending as part of a debt ceiling deal.
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