STORY OF THE WEEK: The U.S. officially hit its $31.4 trillion debt limit on Thursday after weeks of stagnant negotiations. What's next?
on Thursday after weeks of stagnant negotiations.Treasury Secretary Janet Yellen wrote a letter to House Speaker Kevin McCarthy Thursday, informing him that her department will take"extraordinary measures" to avoid a default. The measures would expire in June, giving Congress and President Joe Biden several months to reach an agreement on raising the debt ceiling. Imposed by Congress, the debt ceiling is a limit on the debt that the government can borrow on behalf of the public.
Right-rated sources tended to focus on strategies for reducing the debt, and to frame the debt dilemma as a product of excessive government spending. Left-rated sources generally focused more on the reasons to raise the debt limit and avoid a potential default. Voices across the spectrum, including writers from
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