U.S. Treasury Secretary Janet Yellen said in an Associated Press interview Saturday she expects Congress will ultimately vote to raise America's debt limit, but demands by House Republicans for spending cuts in return for backing an increase are “a very irresponsible thing to do” and risk creating a “self-imposed calamity” for the global economy.
The Biden administration and Republican lawmakers have been at loggerheads over how to increase the government's legal borrowing capacity. On Thursday, the government bumped up against the $31.381 trillion debt cap, forcing the U.S. Treasury Department to take “extraordinary” accounting steps to keep the government running.
