The US Treasury Department warned Tuesday that the country could hit the debt limit on December 15, which could prevent President Joe Biden’s administration from funding its programs.
Treasury Secretary Janet Yellen has expressed “high levels of confidence” in the department’s ability to keep up with US debt payments, but warned that cash could run out after $ 118 billion – about 105,000 million euros – Trust funds have been made available for the roads, ‘The Hill’ collects.
“There are scenarios where the Treasury Department would run out of resources to run the US government beyond this point (15 in a letter to House Speaker Nancy Pelosi.
Now the Democratic Party must find a way to raise the spending cap, a difficult challenge based on testimony from Republicans, including Senate minority leader Mitch McConenll, who have repeatedly assured that they will not support legislation in this regard.
They asked the Republican Party for the Democrats to act independently and address the issue through a process known as budget reconciliation while committing to a mutual agreement, and have primarily refused to resort to the above process, he told CNN -Chain.
This new date is now set by the Treasury Department after Congress approved an extension of the debt ceiling in October in response to Yellen’s own warnings of the dramatic economic repercussions that could result if the matter were not addressed.
In October, the US Congress approved the increase in the debt limit by $ 480,000 million – more than 415,000 million euros – and thus prevented possible defaults by the government until December 3, at least.
Following the deal, McConnell sent a letter to Biden warning him that he would “not provide this aid again” if his administration got into “another preventable crisis”.