Guno צְבִי
We fight, We win, Am Yisrael Chai
The Treasury Department said Monday it plans to increase its borrowing during the first three months of 2023, even as the federal government is bumping up against a $31.4 trillion limit on its legal borrowing authority.
The increased borrowing will take place as Democrats and the White House push for Congress to increase the federal debt limit. President Joe Biden wants the cap raised without any preconditions. The new House Republican majority is seeking to secure spending cuts in exchange for a debt limit increase.
Treasury officials say the debate over the debt ceiling poses a risk to the U.S. financial position.
“Even just the threat that the U.S. government might fail to meet its obligations may cause severe harm to the economy by eroding household and business confidence, injecting volatility into financial markets, and raising the cost of capital — among other negative impacts," Ben Harris, Treasury's assistant secretary for economic policy, said in a statement.
https://www.msn.com/en-us/news/poli...A16UNLW?cvid=d616dd688b0444519b7d9fe44dfde175
The increased borrowing will take place as Democrats and the White House push for Congress to increase the federal debt limit. President Joe Biden wants the cap raised without any preconditions. The new House Republican majority is seeking to secure spending cuts in exchange for a debt limit increase.
Treasury officials say the debate over the debt ceiling poses a risk to the U.S. financial position.
“Even just the threat that the U.S. government might fail to meet its obligations may cause severe harm to the economy by eroding household and business confidence, injecting volatility into financial markets, and raising the cost of capital — among other negative impacts," Ben Harris, Treasury's assistant secretary for economic policy, said in a statement.
https://www.msn.com/en-us/news/poli...A16UNLW?cvid=d616dd688b0444519b7d9fe44dfde175
