The U.S. government hit its statutory $31.4 trillion debt limit Thursday, Treasury Secretary Janet Yellen announced, prompting the Treasury to start taking “extraordinary measures” in order for the nation to avoid a catastrophic default for at least the next few months.
The U.S. is expected to reach its borrowing limit next Thursday, causing the Treasury Department to begin deploying “extraordinary measures” that buys the federal government enough time to starve off the specter of a debt default until at least early June as Washington kicks off a contentious debt ceiling battle.
JPMorgan Chase CEO Jamie Dimon ridiculed cryptos as a “complete sideshow” that are useless as “pet rocks” while bashing regulators for beating up on big banks instead of focusing on the growing crypto industry.
Treasury Secretary Janet Yellen struck a hopeful tone in the Federal Reserve achieving a soft landing, saying the Central Banks will need some “luck” and “some skills,” but warned that a looming recession will be a “risk” for the Biden administration in the upcoming months.
President Biden urged Republicans to back off playing “Russian roulette with the American economy” and help Democrats raise the debt ceiling ahead of the looming default deadline while torches the opposing party’s as “hypocritical, dangerous and disgraceful” in blocking the increase twice last week.
Senate Republicans blocked a key procedural vote to advance the Democrat-backed measure to fund the government and suspend the debt ceiling Monday evening, leaving Democrats scrambling with less than three days to figure out how to avert a shutdown with its deadline looming at the end of the week.