The Treasury Department will start taking “extraordinary measures” today to avoid breaching the $31.4 trillion debt limit, giving lawmakers and President Joe Biden several months to address the cap or risk defaulting on US debt obligations.
The showdown over the debt limit is shaping up to be one of the biggest political and fiscal fights this year. Some House Republicans are pushing for changes to government spending and entitlement programs, while the White House and congressional Democrats want a “clean” measure to increase or suspend the cap without conditions.
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