Treasury Department enacts ‘extraordinary measures’ to keep debt limit from exceeding – WORLD

The US Treasury Department enacted “extraordinary measures” to prevent exceeding the debt limitTreasury Secretary Janet Yellen reiterated her call for Congress to increase or suspend the debt limit.WASHINGTON (AA) — The US Treasury Department has begun taking emergency action to prevent the country from defaulting as the federal government hit its $31.4 trillion debt ceiling. Janet YellenSpeaker of the U.S. House of Representatives on the Department’s Debt Restraint Measures Kevin McCarthy“immediate action” to preserve the “full trust and reputation” of the United States. The $31.4 trillion debt ceiling is threatened in the federal government, which could lead to default. The debt ceiling is the upper limit on the amount of money the US government can borrow for paying off their debts. Joe Biden The administration has called on Congress to increase the debt limit, while Republicans, who have just won a majority in the House of Representatives, are pushing for spending cuts. The debt cap issue is described as a stalemate between Democrats and Republicans that “could lead to a financial crisis in a few months.” 5 months to pass legislation that would increase or suspend the debt limit U.S. Treasury Secretary Yellen, in a letter sent to Speaker of the U.S. House of Representatives McCarthy last week, warned that “the United States may reach the debt limit on Jan. 19.” In the United States, the federal debt limit government increased a total of 22 times between 1997 and 2022.