The Treasury Department says it has started taking “extraordinary measures” as the government has brushed up against its legal borrowing capacity of $38.381 trillion.
Treasury Department
Asked twice on Wednesday if there was evidence that House Republicans can ensure that the government would avert a default, White House press secretary Karine Jean-Pierre said it's their “constitutional responsibility” to protect the full faith and credit of the United States. She did not say whether the White House saw signs at this stage that a default was off the table.McCarthy said Biden needs to recognize the political realities that come with a divided government.
What happens if these measures are exhausted without a debt limit deal is unknown. A prolonged default could be devastating, with crashing markets and panic-driven layoffs if confidence evaporated in a cornerstone of the global economy, the U.S. Treasury note.
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