BREAKING: The Treasury Department warned lawmakers on Monday that without congressional action to lift or suspend the debt limit, the country will be unable to pay its obligations as soon as June 1.
In a letter to House Speaker Kevin McCarthy , Treasury Secretary Janet Yellen urged Congress to resolve the current brinkmanship over the federal borrowing limit, warning that waiting until the last minute could have adverse impacts on the economy and the nation's credit rating.Yellen had previously warned Congress in January that the United States had reached its $31.
House Republicans passed a debt ceiling bill last week in a bid to bring President Joe Biden to the negotiating table, but the president had yet to call McCarthy to schedule a meeting. Lawmakers engaged in familiar posturing following Yellen's letter. McCarthy, who is on a trip to Israel this week while the House is out of session, said the president"has refused to do his job — threatening to bumble our nation into its first-ever default."
"Republicans cannot allow right-wing extremism to hold our nation hostage," they said in a statement."For generations, Congress has made spending and revenue decisions as part of the annual budget process, which is currently underway. That is the appropriate place to debate and discuss our nation’s fiscal picture — not in a hostage-situation in which extreme MAGA Republicans try to impose their radical agenda on America.
Lawmakers will have a short window to act to meet the Treasury deadline. There are just eight days when both chambers are in session before June 1.
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