On Monday afternoon, Secretary of the Treasury Janet Yellen once again sent a letter to House Speaker Kevin McCarthy (R-CA), cautioning him about the increasing risk of the United States defaulting on its debt unless Congress passes a bill to raise the nation’s debt limit. Even though the bill would also need President Joe Biden’s signature, Yellen has consistently directed these letters to McCarthy, despite him and House Republicans already passing a bill that raises the debt ceiling and prevents default.
Tag: Debt ceiling
Democrats Discussing Using the 14th Amendment to Bypass Congress on the Debt Ceiling
Senate Democrats want President Joe Biden to use the 14th Amendment to bypass Congress and raise the country’s borrowing ceiling without negotiating in good faith. This would almost certainly lead to a Constitutional crisis.
Biden Not Concern About Debt Ceiling, Meeting Postponed
Congress left the Capitol this week without reaching a compromise to prevent a disastrous debt ceiling default that could happen in as little as three weeks. President Joe Biden and House Speaker…
Conservative Republicans are Demanding Substantial Budget Reforms
One of the most significant reforms in House rules achieved by conservative Republicans (known as Never Kevins) last week was the promise that Republicans would not raise the debt ceiling until substantial budget reforms and spending cuts were achieved.
What Did McCarthy Promise The Never Kevins?
After 15 rounds of voting, the longest House speaker contest in 164 years, Kevin McCarthy has finally won the speakership of the House of Representatives. After a long, tumultuous, and occasionally violent journey, McCarthy became House speaker on Friday night, convening the 118th Congress.
Yellen Calls for the Nation’s Debt Limit to Be Raised
Treasury Secretary Janet L. Yellen urged Congress to raise the nation’s statutory debt limit to a level that would not be reached until after the 2024 election, thereby neutralizing the ability of Republicans to prevent the U.S. from paying its bills to gain Democratic concessions.
