US Treasury begins taking measures to prevent a default on government debt, as Republicans threaten to refuse Congressional approval to increase the country's legal borrowing limit
Treasury Secretary Janet Yellen tells Congress that US failure to meet its debt obligations will cause"irreparable harm" to the country's economy, as Republicans demand spending cuts.
Such "extraordinary measures" can help reduce the amount of outstanding debt subject to the limit, currently set at $31.4 trillion, but the Treasury on Thursday warned that the tools would only help for a limited time, likely not longer than six months. "Failure to meet the government's obligations would cause irreparable harm to the US economy, the livelihoods of all Americans and global financial stability," Yellen warned last week.
"Unchecked spending will have dire consequences," said Republican House Ways and Means Committee Chairman Jason Smith in a statement.
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