BREAKING: US hits debt limit and countdown has begun for 'extraordinary measures' to run out
The U.S. hit the debt limit, also known as the debt ceiling, on Thursday, the Treasury Department announced. Treasury Secretary Janet Yellen said that the Treasury will take “extraordinary measures” to prevent the U.S. from defaulting on its obligations, but the Treasury will only have a few months before those measures are exhausted.
Those “extraordinary measures” essentially amount to shifting money around government accounts in order to pay incoming bills without issuing new debt. The measures have been used at least 16 times since first being deployed in 1985, according to the Committee for a Responsible Federal Budget, and as recently as 2021.
The GOP hopes to see spending cuts in light of soaring inflation and high deficits. Meanwhile, Democrats have pushed back at the notion of Republicans using the deadline as a political tool, given that raising the ceiling doesn’t involve any new spending but rather simply allows for the government to pay off its previous obligations.
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