“The Treasury Department is set to begin taking special measures to keep paying the government’s bills on Thursday as the divided Congress braces for a potentially lengthy and difficult debate over raising the debt ceiling,” the Wall Street Journal reports.
“With the federal government about to run up against the debt limit, which Congress set at roughly $31.4 trillion in 2021, the Treasury Department has said it expects to start deploying so-called extraordinary measures. Those accounting maneuvers, which include suspending investments for certain government accounts, will allow the Treasury to keep paying obligations to bondholders, Social Security recipients and others until at least early June.”
New York Times: “Newly empowered Republicans in the House have vowed that they will not raise the borrowing limit again unless President Biden agrees to steep cuts in federal spending. Mr. Biden has said he will not negotiate conditions for a debt-limit increase, arguing that lawmakers should lift the cap with no strings attached to cover spending that previous Congresses authorized.”
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