The U.S. government bumped up against the debt limit last week, prompting the Treasury Department to take emergency measures to avoid a potential default.
Janet Yellen, pictured here holding a news conference in the Cash Room at the Treasury Department in Washington, U.S. July 28, 2022.
The U.S. government bumped up against that limit last Thursday, prompting the Treasury Department to initiate a series of actions that are known as "extraordinary" measures and are intended to stave off a default. Yellen did not provide any further clarity on how long the measures can be used to avoid the Treasury running out of cash; earlier this month, she projected the measures will keep the government funded until at least early June.
"Like the president has said many times, raising the debt ceiling is not a negotiation; it is an obligation of this country and its leaders to avoid economic chaos," White House press secretary Karine Jean-Pierre said in a statement last week. "Congress has always done it, and the president expects them to do their duty once again. That is not negotiable."If the U.S.
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