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[ad_1] Treasury Secretary Janet Yellen warned congressional leaders on Friday that the United States is expected to hit the debt limit on Jan. 19 and urged them to raise the debt limit as soon as possible. She said the Treasury Department will start taking necessary steps to keep paying the country's bills, but without congressional action, the United States could default as soon as June. "I am writing to inform you that beginning on Thursday, January 19, 2023, the outstanding debt of the United States is projected to reach the statutory limit," Yellen wrote in a letter addressed to House Speaker Kevin McCarthy, Senate Majority Leader Chuck Schumer, Senate Minority Leader Mitch McConnell and House Minority Leader Hakeem Jeffries. "Once the limit is reached, the Treasury will need to start taking certain extraordinary measures to prevent the United States from defaulting on its obligations." This comes after Congress last raised the debt ceiling in D...

[ad_1] Among Republican lawmakers's  list of demands in their debt-ceiling negotiations with the Biden Administration is a push to add more work requirements for the food-stamp, Medicaid and Temporary Assistance for Needy Families (TANF) programs. One big problem, experts say, is that there's little evidence that such rules actually help people get back to work.  The Supplemental Nutrition Assistance Program, the formal name for the food-stamp program, already has work requirements for many recipients, which Republican lawmakers want to expand to cover more low-income and older Americans. But the existing rules haven't had much of an impact on getting people back to work, and adding more regulations risks bumping struggling families from the program's rolls, experts say. Work requirements "don't accomplish what they are supposed to accomplish, which is increasing employment and income," Shawn Fremstad, dir...

[ad_1] Treasury Secretary Janet Yellen said Monday the U.S. government might not be able to pay its bills as early as June 1 if Congress does not raise or suspend the debt limit.  "After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government's obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time," Yellen wrote in a letter to lawmakers.  Her warning comes as Republican lawmakers and the Biden administration appear to be no closer to reaching a deal on the debt than they were at the beginning of the year, when she first started raising alarms about a looming crisis.  Later Monday, President Joe Biden called the four congressional leaders to discuss the debt limit and invited them to meet next week, on May 9 to discuss the debt ceiling, as well as the 2024 fiscal year budget...

[ad_1] Debt ceiling negotiations continue between White House, GOP as Biden returns to U.S. - CBS News Watch CBS News Debt ceiling negotiations continued over the weekend between White House negotiators and Republicans on Capitol Hill. President Biden returned to Washington on Sunday, where he is expected to meet with House Speaker Kevin McCarthy on Monday after a tumultuous weekend of on-again off-again talks. Chief White House correspondent Nancy Cordes reports from the White House. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On [ad_2] Source link https://worldnews2023.com/top-stories/debt-ceiling-negotiations-continue-between-white-house-gop-as-biden-retu...

[ad_1] A political battle is brewing on Capitol Hill with potentially dire economic consequences looming after the U.S. hit the debt limit on Thursday. Lawmakers must reach an agreement to either raise or suspend the debt limit to avoid a credit default, which would mean the government couldn't pay its bills and would default on its debt obligations for the first time ever. Raising the debt limit would increase the amount the U.S. can borrow to meet its spending obligations. Suspending the debt limit means Congress freezes it until a specific date and then, as the Committee for a Responsible Federal Budget puts it, "sets an automatic catch-up," so that when that date arrives, the debt ceiling is raised to meet the current level of spending. For instance, the Bipartisan Budget Act of 2019 suspended the debt limit until July 31, 2021, and provided a "catch-up" that raised the debt limit by $6.5 trillion. The Treasury Department on Thursday started u...