The Treasury Department says it has started taking “extraordinary measures” as the government has run up against its legal borrowing capacity of $31.381...
Those differences increase the risk that the government could default on its obligations for political reasons. That could rattle financial markets and plunge the world's largest economy into a wholly preventable recession.imposes"extraordinary measures" to keep the government operating until at least June. But years of intensifying partisan hostility have led to a conflicting set of demands that jeopardize the ability of the lawmakers to work together on a basic duty.
“Why create a crisis over this?" McCarthy said this week."I mean, we’ve got a Republican House, a Democratic Senate. We’ve got the president there. I think it’s arrogance to say, ‘Oh, we’re not going to negotiate about pretty much anything’ and especially when it comes to funding.” In order to keep the government open, the Treasury Department on Thursday was making a series of accounting maneuvers that would put a hold on contributions and investment redemptions for government workers' retirement and health care funds, giving the government enough financial space to handle its day-to-day expenses until roughly June.
Analysts at Bank of America cautioned in a report last week that “there is a high degree of uncertainty about the speed and magnitude of the damage the U.S. economy would incur.” Unlike the 2011 showdown, the Federal Reserve is actively raising interest rates to lower inflation and is rolling off its own holdings of U.S. debt, meaning that recession fears are already elevated among consumers, businesses and investors.
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Treasury Department buys time for President Biden and GOP on debt limit dealThe countdown toward a possible U.S. government default is in the offing — with frictions between President Joe Biden and House Republicans raising alarms about whether the U.S. can sidestep a potential economic crisis.
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US Treasury buys time for Biden and GOP on debt limit dealThe Treasury Department says it has started taking “extraordinary measures” as the government has run up against its legal borrowing capacity of $31.381 trillion
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US Treasury buys time for Biden and GOP on debt limit dealThe Treasury Department says it has started taking “extraordinary measures” as the government has brushed up against its borrowing capacity of $31.381 trillion. Political frictions are raising alarms about avoiding a potential economic crisis.
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US Treasury buys time for Biden and GOP on debt limit dealThe Treasury Department said in a letter to congressional leaders it has started taking “extraordinary measures” as the government has brushed up against its legal borrowing capacity of $38.381 trillion
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