Federal government has begun 'extraordinary measures' to avoid debt default, Yellen tells lawmakers
Senate Republican leader Mitch McConnell refuses to lend his party's help on the debt ceiling issue and says Democrats must"step up and take care of it." WASHINGTON – The Treasury Department Thursday began “extraordinary measures” to pay the nation’s bills after reaching aThe amount of time the Department can continue taking steps to avoid defaulting on the debt unless the $31.
Economists warn that defaulting on its debt – something the U.S. has never done – could cause financial markets to tank, hurting 401s and other investments. A debt ceiling standoff in 2013 cost the economy 1% in GDP. Since 1960, Congress has acted 78 times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents, according to the Treasury Department.
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