Yellen Warns of Limited Choices if Congress Fails to Address Debt

InflationMoney MattersAmerican PoliticsHot Spots
Written By Jennifer Joslyn

💰 Yellen Warns of Limited Choices if Congress Fails to Address Debt.

Treasury Secretary Janet Yellen has warned that there are "no good options" for the US to avoid an economic "calamity" if Congress fails to raise the nation's borrowing limit of $31.381tn in the coming weeks. Yellen did not rule out President Joe Biden bypassing lawmakers and acting on his own to try to avert a federal default. Republicans are demanding spending cuts in return for raising the borrowing limit, while Biden has said the threat of default shouldn't be used as leverage in budget talks. An increase in the debt limit would only allow borrowing to pay for what Congress has already approved.

Read more from AP News ▶

Featured
House Passes Bill to Expedite Weapons to Israel
House Passes Bill to Expedite Weapons to Israel

The Republican-led U.S. House of Representatives passed the Israel Security Assistance Support Act on Thursday, pushing President Biden to send weapons to Israel more quickly.

Senate Passes $105 Billion Bill to Boost Air Travel Safety and Customer Service
Senate Passes $105 Billion Bill to Boost Air Travel Safety and Customer Service

The Senate passed a $105 billion bipartisan bill to improve air travel safety and customer service.

U.S. Moves to Ban Russian Uranium Imports
U.S. Moves to Ban Russian Uranium Imports

In a bid to further pressure Russia over its war in Ukraine, the U.S. Senate has unanimously passed a bill to prohibit Russian uranium imports.

House Freedom Caucus Sets Conditions for Funding Baltimore Bridge Rebuild
House Freedom Caucus Sets Conditions for Funding Baltimore Bridge Rebuild

The House Freedom Caucus is shaking things up with their demands for funding the reconstruction of Baltimore's Francis Scott Key Bridge.

Sanders Proposes 32-Hour Workweek Legislation
Sanders Proposes 32-Hour Workweek Legislation

Senator Bernie Sanders introduced legislation to cut the standard U.S. workweek from 40 to 32 hours over four years, without reducing pay.

Rand Paul Challenges TikTok Ban Bill
Rand Paul Challenges TikTok Ban Bill

Senator Rand Paul (R-Ky.) is opposing a unanimous passing of a bill, requiring Democrats to spend more time on it before a roll-call vote.

Trump Warns Against TikTok Ban, Citing Concerns Over Facebook's Dominance
Trump Warns Against TikTok Ban, Citing Concerns Over Facebook's Dominance

Former President Donald Trump expressed concerns about the proposed ban on Chinese-owned social media app TikTok in the United States during an interview on CNBC's "Squawk Box" on Monday.

U.S. House Pushes for TikTok Divestment
U.S. House Pushes for TikTok Divestment

The U.S. House of Representatives is speeding up a vote next week on a bill that would force China's ByteDance to sell off TikTok within six months or face a U.S. ban.

US House Passes $467.5 Billion Spending Package Amid Looming Shutdown Threat
US House Passes $467.5 Billion Spending Package Amid Looming Shutdown Threat

The US House of Representatives passed a $467.5 billion spending package to avoid a government shutdown, covering various sectors like agriculture and veterans' affairs.

U.S. Lawmakers Introduce Bill Urging ByteDance to Divest TikTok Over National Security Concerns
U.S. Lawmakers Introduce Bill Urging ByteDance to Divest TikTok Over National Security Concerns

A bipartisan group of U.S. lawmakers has introduced legislation to push China's ByteDance, owner of TikTok, to divest the app within six months or face a U.S. ban due to national security concerns over its Chinese ownership.

Congress Considers Reversal of Safety Regulation Affecting Young Truck Drivers
Congress Considers Reversal of Safety Regulation Affecting Young Truck Drivers

Congress appears ready to reverse a safety regulation that has hindered younger drivers from participating in a trucking program, as outlined in a bipartisan budget bill.

Senate Democrats Raise Concerns Over Bipartisan Border Negotiations and Asylum Policy Changes
Senate Democrats Raise Concerns Over Bipartisan Border Negotiations and Asylum Policy Changes

Sen. Alex Padilla, along with nine other Senate Democrats, is expressing concern about the direction of bipartisan border security negotiations, which are crucial for passing an emergency foreign aid package.

New Bill Seeks Congressional Input on Federal AI Implementation and Safety Standards
New Bill Seeks Congressional Input on Federal AI Implementation and Safety Standards

A new bill in response to the White House's executive order on AI has been introduced, aiming to provide Congress with input on the federal government's implementation of AI systems.

House Republicans Demand Answers on Delayed Small Business Tax Credit Claims Processing
House Republicans Demand Answers on Delayed Small Business Tax Credit Claims Processing

House Republicans are pressing the IRS for answers regarding the delay in processing new claims for the pandemic-era small business tax credit known as the employee retention credit (ERC).

Government Shutdown Looms as Senate and House Clash Over Funding Bill
Government Shutdown Looms as Senate and House Clash Over Funding Bill

The United States is facing the possibility of a government shutdown as Congress has until midnight on Saturday to pass a new budget.

McCarthy's Rejection of Senate Funding Bill Raises Shutdown and Credit Downgrade Risks
McCarthy's Rejection of Senate Funding Bill Raises Shutdown and Credit Downgrade Risks

House Speaker Kevin McCarthy has rejected a Senate stopgap funding bill, thereby escalating the risk of a fourth partial U.S. government shutdown in a decade.

Buttigieg Warns of Airline Disruptions Amid Government Shutdown Threat
Buttigieg Warns of Airline Disruptions Amid Government Shutdown Threat

Transportation Secretary Pete Buttigieg has issued a warning about potential airline disruptions if Congress fails to pass funding bills or reach a short-term resolution before the looming government shutdown deadline.

The Federal Government Faces Shutdown: Implications, Impact, and What Comes Next
The Federal Government Faces Shutdown: Implications, Impact, and What Comes Next

If the federal government shuts down on October 1, it will disrupt various services, impact workers, and cause political turmoil as House Republicans demand deep cuts in federal spending.

House Passes Bill to Counter California's EV Mandate
House Passes Bill to Counter California's EV Mandate

The House of Representatives has passed H.R. 1435, the Preserving Choice in Vehicle Purchases Act, which aims to prevent the EPA from allowing California to limit the sale or use of new internal combustion engine vehicles.

Transportation Secretary Buttigieg Faces Congressional Scrutiny Amid Infrastructure Debate
Transportation Secretary Buttigieg Faces Congressional Scrutiny Amid Infrastructure Debate

Transportation Secretary Pete Buttigieg has been actively promoting the Biden administration's infrastructure initiatives, emphasizing the progress made on various projects, including the Infrastructure Investment and Jobs Act (IIJA).

Congress is Addressing Drug Shortages Amidst the COVID-19 Crisis
Congress is Addressing Drug Shortages Amidst the COVID-19 Crisis

Congress is taking action to address the critical shortage of pharmaceutical drugs in the U.S., which has been exacerbated by the COVID-19 pandemic.

Bipartisan Senate Bill Seeks to Strengthen Drug Supply Chain Through U.S. Manufacturing Prioritization
Bipartisan Senate Bill Seeks to Strengthen Drug Supply Chain Through U.S. Manufacturing Prioritization

A bipartisan group of senators has introduced a bill aimed at strengthening the pharmaceutical supply chain by increasing drug manufacturing in the U.S. and allied countries.

Congress Urged to Regulate Self-Driving Vehicles for Safety and Uniform Standards
Congress Urged to Regulate Self-Driving Vehicles for Safety and Uniform Standards

Advocates for the self-driving vehicle industry have urged Congress to take action and regulate autonomous cars and trucks.

Owner-Operator Association Opposes PRO Act, Citing Potential Disruption to Trucking Industry
Owner-Operator Association Opposes PRO Act, Citing Potential Disruption to Trucking Industry

The Owner-Operator Independent Drivers Association (OOIDA) has expressed opposition to the PRO Act, stating that it would create confusion and jeopardize the established business model in the trucking industry.

Record Railroad Profits Call for 'Do No Harm,' Not Harmful Legislation
Record Railroad Profits Call for 'Do No Harm,' Not Harmful Legislation

The recent legislation proposed by Senators Tammy Baldwin and Roger Marshall called the "Reliable Rail Service Act," has raised concerns reminiscent of the 2008 financial crisis.

Senators have put forth an initial measure to tackle drug shortages
Senators have put forth an initial measure to tackle drug shortages

A congressional report reveals that the United States is grappling with critical medication shortages, prompting bipartisan senators to investigate the potential national security implications.

The Relationship Between the IRA and the US Battery Supply Chain: Understanding the Context
The Relationship Between the IRA and the US Battery Supply Chain: Understanding the Context

The Biden administration's Inflation Reduction Act (IRA), aimed at promoting clean energy technologies and bolstering the US clean energy industry, has had a significant impact on the lithium-ion battery (LiB) value chain for electric vehicles and energy storage.

Examining the Debt Ceiling Deal: 5 Victors and 5 Vanquished
Examining the Debt Ceiling Deal: 5 Victors and 5 Vanquished

he debt ceiling battle of 2023 ended with a relatively normal budget deal reached between President Joe Biden and House Speaker Kevin McCarthy, despite the heated rhetoric and talk of default.

Supply Chain-Related Bills Given Green Light by Transportation and Infrastructure Committee
Supply Chain-Related Bills Given Green Light by Transportation and Infrastructure Committee

The U.S. House Committee on Transportation and Infrastructure has endorsed a series of bills, aiming to fortify and secure American supply chains against potential disturbances.

Combining Deficit Reduction Measures with an Increase in the Debt Limit
Combining Deficit Reduction Measures with an Increase in the Debt Limit

A recent poll conducted by AP-NORC revealed that approximately two-thirds of Americans expressed growing concerns over the potential impact on the economy if the US debt limit is not raised.

Jennifer Joslyn
Previous

Workforce Management Embraces Human Centricity as a Growing Trend
Next

FAA Warns House GOP Spending Cuts Could Have Devastating Impact on U.S. Air System