The Bipartisan Policy Center, which forecasts the approximate “X-date” when the government will no longer be able to meet its financial obligations on time, said the U.S. will reach its statutory debt limit as soon as the summer or early fall of 2023.
The Treasury Department said in a letter to congressional leaders it has started taking “extraordinary measures” as the government has run up against its legal borrowing capacity of $31.381 trillion. An artificially imposed cap, the debt ceiling has been increased roughly 80 times since the 1960s.
U.S. Treasury Secretary Janet Yellen formally put Congress on notice last week that the agency will have to start taking "extraordinary measures" after the US reaches its $31.4 trillion debt limit on Thursday.
The Biden administration views the explosive popularity of cryptocurrency as an opportunity to examine the risks and benefits of digital assets, said a senior administration official who previewed the order Tuesday on the condition of anonymity, terms set by the White House.
While Fed Chair Janet Yellen ends her tenure on an upbeat note, are there storm clouds ahead for the economy?
Excitement on Wall Street as a possible interest rate hike approaches. Why some surprises in the U.S. economy have investors and analysts feeling good.
Federal Reserve Chair Janet Yellen said the Fed may start raising rates around six months after quantitative easing—ahead of what experts were expecting. We take a closer look at how the markets react to her comments at her first live press conference, and how her first policy meeting may affect the economy. Read an article, watch Yellen’s full press conference, and read a transcript of her remarks.