Treasury takes another 'extraordinary' step on debt limit

WASHINGTON (AP) - U.S. Treasury Secretary Janet Yellen sent a letter Tuesday to congressional leaders saying she's suspending the reinvestment of some federal bonds in a government workers' savings plan - an additional "extraordinary" measure to buy time for President Joe Biden and Congress to raise the nation's debt limit.

The government bumped up against its legal borrowing capacity last Thursday, prompting Treasury to take accounting steps regarding federal employees' retirement and health care plans that will enable the government to stay open until roughly June.

Yellen said in the letter that as of Monday she also determined that the government "will be unable to invest fully" in the government securities portion of the thrift savings fund in the federal employees' retirement system.

She noted that her predecessors have taken a similar action in the past, noting that by law the accounts "will be made whole once the debt limit is increased or suspended."

But it's an open question to how the White House and Congress find common ground on the artificial cap imposed by Congress.

Biden and Republican House Speaker Kevin McCarthy have sharp differences over how to raise the debt ceiling, setting off the possibility of the extraordinary measures being exhausted this summer and risking a government default that could wreak economic havoc.

Senate Republican Leader Mitch McConnell has said the U.S. will not default, but it's unclear how Biden can reconcile his insistence on a clean increase with McCarthy's demand for spending cuts.

White House press secretary Karine Jean-Pierre said at Monday's news briefing that Biden is "happy to talk to anyone who wants to deal" with deficit reduction in a "responsible way."

But Jean-Pierre said that deficit reduction should not be tied to whether the U.S. government pays its bills that are already being incurred.

"It must be done without conditions," Jean-Pierre said, adding, "President Biden will never - will never allow Republicans to cut benefits that our hardworking Americans have earned. This is what they have earned."

McCarthy has yet to outline the scope or the specifics of the cuts that House Republicans would like to see, although any final plan would need to pass the Democratic-controlled Senate and receive Biden's signature.

"Families and businesses have to live within a budget - Washington must as well," McCarthy tweeted on Sunday.


More Related News

Has any former U.S. president ever been indicted? No, but these guys came close.
Has any former U.S. president ever been indicted? No, but these guys came close.
  • US
  • 2023-03-21 14:46:25Z

There have been presidential scandals, from Warren Harding's Teapot Dome, Ulysses Grant's Whiskey Ring and even Harry Truman's "mess in Washington."

Comer, Republicans
Comer, Republicans' Investigative Chief, Embraces Role of Biden Antagonist

DANVILLE, Ky. - Steering his SUV through pounding rain on his way to the state capital on a recent Thursday, Rep. James R. Comer, the chair of the Oversight ...

Biden to designate national monuments in Nevada, Texas
Biden to designate national monuments in Nevada, Texas
  • US
  • 2023-03-21 09:34:00Z

President Joe Biden is establishing national monuments in Nevada and Texas and creating a marine sanctuary in U.S. waters near the Pacific Remote Islands...

Biden to create two new national monuments in Nevada and Texas
Biden to create two new national monuments in Nevada and Texas
  • US
  • 2023-03-21 09:25:17Z

The moves, which will be announced at a White House summit on conservation, are aimed at delivering on Biden's goal to conserve at least 30% of federal lands...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


  • Annemnani
    (2023-01-28 01:00:54Z)

    1 INGEMM CIBERER idiPAZ, Hospital Universitario La Paz, Madrid, Spain, 2 Hamon Center for Therapeutic Oncology Research, UT Southwestern Medical Cente, Dallas, TX, United States, 3 Unit of Immunology, Hospital Universitario La Paz, Madrid, Spain, 4 Department of Genetics, IIS FundaciГіn JimГ©nez DГ­az UAM, Madrid, Spain, 5 Vascular Anomalies Center, Plastic Surgery, Hospital Universitario La Paz, Madrid, Spain, 6 Division of Surgical Oncology, Department of Surgery, UT Southwestern Medical Center, Dallas, TX, United States viagra drug class 2013 The hyaluronic acid receptor CD44 coordinates normal and metaplastic gastric epithelial progenitor cell proliferation

  • Annemnani
    (2023-02-01 12:32:52Z)

    Markedly higher transport of endoxifen was observed in the basal to apical direction which was abrogated in the presence of the potent and specific P glycoprotein inhibitor LY335979 buy lasix water pills

  • Annemnani
    (2023-02-06 06:27:56Z)

    twins with clomid I bleed 3- 4 day moderately twice a month

  • Ciyvnj
    (2023-02-22 06:22:18Z)

    digoxin 250mg cheap buy lanoxin 250 mg generic buy molnupiravir without prescription

  • Iaqwdm
    (2023-02-24 15:31:31Z)

    purchase diamox pills imuran order order generic imuran

  • Dihykm
    (2023-02-26 04:48:44Z)

    order lanoxin 250 mg pills telmisartan 80mg tablet buy generic molnunat

  • Jgltoe
    (2023-02-27 23:59:14Z)

    oral amoxicillin 500mg order amoxil online ivermectin 6mg without prescription

  • Opvezw
    (2023-02-28 11:20:11Z)

    purchase carvedilol pill buy elavil 10mg pill buy amitriptyline 10mg sale

  • Rxlldt
    (2023-03-01 14:02:15Z)

    order priligy pills order avanafil generic motilium over the counter

  • Fjctwq
    (2023-03-01 22:55:48Z)

    order generic alendronate 70mg ibuprofen 600mg for sale order motrin generic

  • Lrmhtz
    (2023-03-03 02:01:12Z)

    indocin sale tamsulosin price cenforce pill

  • Deibim
    (2023-03-03 11:33:10Z)

    pamelor without prescription order paracetamol pills purchase paroxetine sale

  • Aezsdy
    (2023-03-04 15:43:11Z)

    buy doxycycline 100mg sale methylprednisolone 16 mg without prescription methylprednisolone price

  • Iepryt
    (2023-03-04 23:37:32Z)

    pepcid 40mg cheap prograf online buy buy mirtazapine 15mg online

  • Cqbnqy
    (2023-03-06 03:59:13Z)

    order tadacip 10mg trimox 500mg pills buy trimox 500mg for sale

  • Lerwiw
    (2023-03-06 09:48:15Z)

    generic ropinirole 2mg order trandate 100 mg online buy labetalol 100 mg sale

  • Qcvupw
    (2023-03-07 23:38:17Z)

    order fenofibrate 200mg pills buy fenofibrate for sale order sildenafil pills

  • Tktfrz
    (2023-03-08 06:07:35Z)

    esomeprazole 20mg us nexium 20mg ca buy lasix 100mg online cheap

  • Jlyicc
    (2023-03-09 12:35:36Z)

    cialis online viagra buy online sildenafil generic

  • Nvgfni
    (2023-03-09 18:03:55Z)

    purchase minocycline online cheap minocin 100mg drug buy hytrin without prescription

  • Ehvrke
    (2023-03-11 06:26:33Z)

    order tadalafil sale cialis professional best ed medication

  • Hboehv
    (2023-03-11 15:17:39Z)

    metformin price verapamil 120mg usa order nolvadex 10mg pill

  • Pabdap
    (2023-03-13 02:35:34Z)

    provigil 100mg cost promethazine pills generic promethazine 25mg

  • Khsuje
    (2023-03-13 12:47:48Z)

    serophene oral clomid 100mg drug prednisolone drug

  • Ztdfdm
    (2023-03-14 20:09:23Z)

    order prednisone 10mg online cheap deltasone 20mg over the counter buy amoxicillin 1000mg pills

  • Xdbvhx
    (2023-03-16 18:07:41Z)

    best place to buy ed pills online order pregabalin 150mg without prescription order propecia online cheap

  • Pedftz
    (2023-03-17 07:59:21Z)

    ivermectin 3 mg without a doctor prescription deltasone 40mg cost deltasone 40mg pill

  • Deczwk
    (2023-03-18 19:48:42Z)

    cost zofran oral ondansetron 8mg bactrim brand

  • Ejxyty
    (2023-03-19 09:57:47Z)

    buy absorica for sale accutane pill azithromycin 500mg oral

  • Luwkjp
    (2023-03-20 20:56:21Z)

    best allergy for allergic rhinitis cheap levothyroxine pill amoxiclav tablet

  • Fylarx
    (2023-03-21 21:48:27Z)

    oral prednisolone lasix 100mg sale cost furosemide 100mg


Top News: Latin America