Treasury Secretary Janet Yellen is warning Congress to raise the federal debt limit as soon as possible or risk potential harm to the U.S. economy. In a letter to congressional leaders, Yellen claimed that as of August 1st, the outstanding debt of the United States will be at the statutory limit. While it’s been done a few times in recent history, getting Congress on board to raise the debt ceiling through regular order right now might not be so easy. Republicans say Democrats are in a spending free for all and argue they’ll only support raising the debt ceiling if Democrats promise major spending reforms.
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