The Washington Post reports:
The Biden administration began “extraordinary measures” Thursday to prevent the federal government from breaching its debt limit and hurtling toward default, a grim scenario with the potential to destabilize markets and devastate the economy.
Treasury Secretary Janet L. Yellen told lawmakers that officials will alter certain federal investments to preserve the nation’s credit until summer — largely through technical moves that will buy lawmakers time to pass legislation that raises or suspends the amount the government is allowed to borrow, which is currently capped at $31.4 trillion.
“I respectfully urge Congress to act promptly to protect the full faith and credit of the United States,” Yellen wrote to House Speaker Kevin McCarthy (R-Calif.) on Thursday.
Read the full article.
The Biden administration has started using technical maneuvers to shift federal funds around to keep the government from breaching the $31.4 trillion debt ceiling and hurtling toward a default that could devastate the economy. https://t.co/ilpYfvWSfO
— The Washington Post (@washingtonpost) January 19, 2023