{"id":541031,"date":"2023-01-19T18:25:08","date_gmt":"2023-01-19T15:25:08","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/treasury-resorts-to-extraordinary-measures-after-us-hits-debt-limit\/"},"modified":"2023-01-19T18:25:08","modified_gmt":"2023-01-19T15:25:08","slug":"treasury-resorts-to-extraordinary-measures-after-us-hits-debt-limit","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/treasury-resorts-to-extraordinary-measures-after-us-hits-debt-limit\/","title":{"rendered":"#Treasury resorts to \u2018extraordinary measures\u2019 after US hits debt limit"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ae92c7c22a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ae92c7c22a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/treasury-resorts-to-extraordinary-measures-after-us-hits-debt-limit\/#Treasury_resorts_to_%E2%80%98extraordinary_measures_after_US_hits_debt_limit\" >Treasury resorts to \u2018extraordinary measures\u2019 after US hits debt limit<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Treasury_resorts_to_%E2%80%98extraordinary_measures_after_US_hits_debt_limit\"><\/span>Treasury resorts to \u2018extraordinary measures\u2019 after US hits debt limit<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/3eb30d3da775476d9a42a98674475ca5.jpg?w=900\" \/><\/p>\n<div>\n<p>Treasury Secretary Janet Yellen on Thursday\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Debt-Limit-Letter-to-Congress-20230119-McCarthy.pdf\">notified\u00a0congressional leaders<\/a> that her office will begin to implement \u201cextraordinary measures\u201d to keep the U.S. government from defaulting on its debt.<\/p>\n<p>The nation\u2019s debt climbed to more than $31.4 trillion this week, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fiscaldata.treasury.gov\/americas-finance-guide\/national-debt\/\">federal financial data\u00a0shows<\/a>, crossing the threshold set by Congress when it last raised the nation\u2019s borrowing limit more than a year ago.<\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>To avoid a default, Yellen previously detailed emergency measures her department would prepare in order to stave off a default.\u00a0<\/p>\n<p>Those measures include temporarily redeeming existing and suspending new investments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. <\/p>\n<p>Yellen also pointed to \u201csuspending reinvestment of the Government Securities Investment Fund (G Fund) of the Federal Employees Retirement System Thrift Savings Plan\u201d as another course of action in a letter last week.<\/p>\n<p>While it\u2019s unclear how long the Treasury Department will be able to utilize the measures to prevent a default, Yellen told leaders on Thursday that a \u201cdebt issuance suspension period\u201d would last through June 5.<\/p>\n<p>The measures buy time for Congress to hash out a bipartisan plan to address the limit, which caps how much outstanding national debt the government can hold to fulfill its financial duties.<\/p>\n<p>Thursday\u2019s letter comes as Congress remains divided on how to handle the issue, with Republicans pressing to use the debt limit as leverage to obtain spending cuts in talks with Democrats, many of whom have pressed for a clean bill to address the debt ceiling.<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<p>\u201cWith extraordinary measures now in effect, the debt ceiling is officially a ticking time bomb we can\u2019t diffuse soon enough,\u201d Rep. Brendan Boyle (Pa.), top Democrat on the House Budget Committee, said in a statement on Thursday, accusing Republicans of \u201cpushing for default and start governing in Americans\u2019 best interest.\u201d<\/p>\n<p>Republicans say fiscal reforms are critical while pointing to the growth in debt seen in recent years, particularly during the coronavirus pandemic, and the strain of high inflation. But Republicans have also pushed back on proposals by Democrats to tackle the deficit through tax measures targeting wealthier individuals and corporations.<\/p>\n<p>\u201cWe don\u2019t want to put any fiscal problems to our economy and we won\u2019t,\u201d Speaker Kevin McCarthy (R-Calif.) said last week. \u201cBut fiscal problems would be continuing to do business as usual.\u201d<\/p>\n<aside class=\"ad-unit ad-unit--mr3_ab\"><\/aside>\n<p>Experts are raising concerns about the debt limit being ensnared in another partisan spending tug-of-war, noting the potentially catastrophic consequences the economy could face if the nation were to see its first default later this year.<\/p>\n<p>\u201cIf we hit the debt ceiling, and the Treasury runs out of extraordinary measures, and they really can\u2019t meet their obligations, somebody\u2019s not going to get paid,\u201d David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, told The Hill in a recent interview.<\/p>\n<p>\u201cIt might be someone who owns a Treasury bond. It might be a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security recipient,\u201d Wessel said.<\/p>\n<aside class=\"ad-unit ad-unit--mr4_ab\"><\/aside>\n<p><em>\u2013Updated at 10:53 a.m.<\/em><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thehill.com\/policy\/finance\/3819480-treasury-resorts-to-extraordinary-measures-to-keep-the-us-from-debt-default\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury resorts to \u2018extraordinary measures\u2019 after US hits debt limit Treasury Secretary Janet Yellen on Thursday\u00a0notified\u00a0congressional leaders that her office will begin to implement \u201cextraordinary measures\u201d to keep the U.S. government from defaulting on its debt. The nation\u2019s debt climbed to more than $31.4 trillion this week, federal financial data\u00a0shows, crossing the threshold set by&#8230;<\/p>\n","protected":false},"author":1,"featured_media":541032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/3eb30d3da775476d9a42a98674475ca5.jpg?w=1280","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[81188,135026,138150,134472,70610,80445,90482,133498,71525,115],"class_list":["post-541031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-janet-yellen","tag-brendan-boyle","tag-debt-limit","tag-default","tag-finance","tag-healthcare","tag-house","tag-in-the-know","tag-national-security","tag-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/541031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=541031"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/541031\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/541032"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=541031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=541031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=541031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}