Janet Yellen told Congress that ‘extraordinary measures’ would be taken to avoid default until legislation is passed to raise ceiling
about a bruising fight over the debt ceiling this year that could be at least as disruptive as the protracted battle of 2011, which prompted the brief downgrade of the US credit rating and years of forced domestic and military spending cuts.late on Friday that House Republicans had prepared an emergency plan for breaching the debt limit.
“This should be done without conditions,” White House spokesperson Karine Jean-Pierre told reporters. “There’s going to be no negotiation over it.” House Republicans’ payment prioritization plan may also stipulate that the treasury department should continue making payments on social security, Medicare and veterans benefits, as well as funding the military, the newspaper added.
The treasury department first used extraordinary measures in 1985 and at least 16 times since, according to the Committee for a Responsible Federal Budget, a fiscal watchdog. Those measures include divesting some payments, such as contributions to federal employees’ retirement plans, in order to provide some headroom to make other payments that are deemed essential.
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