The White House and congressional Democrats continue to look at their options to avoid a looming financial crisis as Republicans so far refuse a clean raising of the debt ceiling.
Treasury Secretary Janet Yellen said Monday that her department would run out of funds by June 1 if the limit isn’t raised or suspended.
."If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests."that would raise the debt ceiling but attached numerous other provisions that would freeze government spending and gut a number of President Biden's signature programs.
If Congress does not find a way to raise the debt ceiling and allow the federal government to fulfill its spending obligations, the country could default on payments for bondholders as well as payments to service members and retirees. The ripple effects could cause a financial calamity, experts have warned.
In the decades that followed, the lifting of the debt ceiling was regularly done on a bipartisan basis and with little drama. When President Barack Obama was in office, Republicans used the debt ceiling to negotiate other pieces of legislation. During the current standoff, Democrats have circulated a 2019 quote from
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