What Happens if Congress Isn't Reaching the Debt Ceiling?

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Treasury Secretary Janet Yellen sent a letter to Congress saying that at current spending rates, we'd hit the ceiling by this Thursday. The Treasury Department is authorized to begin taking what they refer to as extraordinary measures to try and avoid defaulting on the government's financial obligations. Those are basically just accounting maneuvers that include prematurely cashing out bonds or halting payments to government pension funds. That should buy us enough funding to get to June, at which point without a new agreement, the Treasury would be unable to come up with the funds to basically pay America's bills and we would default on our debt.

A fourth batch of classified documents are found at President Biden’s Delaware home, the debt ceiling approaches new heights, and Republicans move towards banning pediatric gender transitioning treatment in several states. Get the facts first on Morning Wire.

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