Extraordinary Headaches
Extraordinary Headaches
InternationalIndiaAfricaAlthough US lawmakers created the debt ceiling during World War I in order to ease large spending bills, the measure has since become a sticking point among politicians looking to force concessions across the aisle.The US Treasury Department began taking so-called “extraordinary measures” on Thursday in order to keep paying the US government’s bill after congressional lawmakers failed to increase the debt ceiling.Treasury Secretary Janet Yellen informed House Speaker Kevin McCarthy (R-CA) in a letter that the department would begin suspending new investments in the Civil Service Retirement and Disability Fun and the Postal Service Retiree Health Benefits as a first step response. However, Yellen warned the pause was subject to “considerable uncertainty” if US Congress fails to increase the debt ceiling past $31.4 trillion.The Treasury official has also warned that the temporary bandaids may only buy Congress a few months before the US is forced to default on its debt.
