Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iran: Iranian TV: Iranian air defenses shot down an Israeli Hermes 900 drone over Markazi Province, central Iran
Nour News, citing Iranian Armed Forces: 20th wave of Operation Truthful Promise 3 successfully targeted three of the Israeli enemy's strategic centers.
Nour News, citing Iranian Armed Forces: The targets struck included Ben Gurion Airport, the Biological Research Center, and command and control centers.
Iran's representative to the UN: Once again the US chose to sacrifice its security for Netanyahu
US President Donald Trump on Truth Social: It's not politically correct to use the term, 'Regime Change,' but if the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime Change??? MIGA!!!
Al Mayadeen's correspondent in New York: The draft resolution calls for the protection of civilians, respect for international law, and engaging in dialogue and negotiations.
Al Mayadeen's correspondent in New York: Russia, China, and Pakistan submitted a draft resolution to the Security Council calling for an immediate and unconditional ceasefire.
Israeli Channel 13: The Iranian nuclear program cannot be destroyed with missiles, even if we spend another year attacking it alongside the Americans.
Over 30 casualties in a suicide bombing that targeted the Mar Elias Church in Damascus, Syria.
Iranian Shura Council recommends the closure of the Hormuz Strait and leaves the decision up to the Iranian National Security Council.

US Treasury chief urges Congress to act on debt limit

  • By Al Mayadeen English
  • Source: News Websites
  • 28 Dec 2024 09:34
3 Min Read

The Secretary of the US Treasury sends warning signs to Congress demanding it act on the country's debt limit amid Trump's calls to abolish it.

Listen
  • x
  • US Treasury Secretary Janet Yellen speaks during a visit to the Financial Crimes Enforcement Network (FinCEN) in Vienna, Virginia, on January 8, 2024 (AP)
    US Treasury Secretary Janet Yellen speaks during a visit to the Financial Crimes Enforcement Network (FinCEN) in Vienna, Virginia, on January 8, 2024 (AP)

Treasury Secretary Janet Yellen cautioned Congress on Friday that "extraordinary measures" would be required as early as January 14 if lawmakers fail to raise or suspend the debt ceiling, Axios reported.

In a letter to House Speaker Mike Johnson, Yellen emphasized the urgency of addressing the debt limit to safeguard the full faith and credit of the United States. "I respectfully urge Congress to act," she wrote, warning of potentially dire consequences if the government could not meet its obligations.

President-elect Donald Trump has previously expressed support for abolishing the debt limit entirely, despite opposition from some of his allies who resisted raising the ceiling during Democratic administrations. The debate highlights deep partisan divides over fiscal policy as the government approaches another funding crisis.

The debt ceiling, which caps the amount the US government can borrow to fund programs such as Social Security and Medicare, was suspended until January 1, 2025, under the Fiscal Responsibility Act of 2023. However, outstanding debt is expected to drop by $54 billion on January 2 due to scheduled Medicare-related securities redemptions.

Despite this temporary reduction, the Treasury projects reaching the new borrowing limit between January 14 and January 23. Yellen indicated that extraordinary measures would then be necessary to prevent a default, including reallocating federal trust funds.

Abolishing the debt limit, a potential long-term solution would likely require significant Democratic support. This idea, while endorsed by Trump, faces strong opposition from fiscal conservatives who argue that it removes an important check on government spending.

Related News

Russia, China, and Pakistan call for ceasefire amid US attacks on Iran

US 'opened a Pandora's Box': Russia's UN envoy on aggression on Iran

The power duo, 'ridiculous debt ceiling'

Trump, still unsworn into office, is demonstrating both the influence and limits of his power over Congress as he intervenes from Mar-a-Lago, alongside Musk, who is leading the new Department of Government Efficiency, as reported by AP. 

The report adds that the incoming Trump administration promises to cut the federal budget, lay off thousands of employees, and rely on Republicans for a major tax package. Unlike lawmakers, Trump isn't concerned about shutdowns, having initiated the longest government shutdown in history during his first term.

"If there is going to be a shutdown of government, let it begin now," Trump posted early in the morning on social media.

Read next: Under Biden, US budget deficit hits historic high of $6.6 trillion

More important to the president-elect was his demand to push the contentious debt ceiling debate off the table before returning to the White House. With the federal debt limit set to expire on January 1, Trump wants to avoid having the first months of his new administration consumed by difficult negotiations in Congress over raising the nation’s borrowing capacity, according to AP. Now, Johnson will be responsible for delivering on this.

"Congress must get rid of, or extend out to, perhaps, 2029, the ridiculous Debt Ceiling," Trump posted — increasing his demand for a new five-year debt limit increase. "Without this, we should never make a deal."

Government workers had already been instructed to prepare for a federal shutdown, which would keep millions of employees, including military personnel, without paychecks during the holiday season.

  • United States
  • Treasury
  • US Treasury
  • debt ceiling
  • US Congress
  • Donald Trump
  • Janet Yellen

Most Read

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Secretary of Iran's Supreme National Security Council Ali Shamkhani, speaks with then-Syrian Prime Minister Imad Khamis in a meeting in Tehran, Iran, Tuesday, January 17, 2017 (AP)
Politics

Iran holds the initiative after nuclear strikes, Shamkhani says

Blood stains a religious painting inside Mar Elias Church, where a suicide bomber detonated himself in al-Dwela, on the outskirts of Damascus, Syria, on Sunday, June 22, 2025 (AP)
Politics

UN, regional governments condemn Damascus church bombing

A B-2 bomber arrives at Whiteman Air Force Base Missouri, Sunday, June 22, 2025, after returning from a massive strike on Iranian nuclear sites on Saturday (AP)
Politics

Israeli media: US-Israeli strike on Iran failed to end war

China UN Ambassador Fu Cong addresses the United Nations Security Council, Monday, March 24, 2025. (AP Photo/Richard Drew)
Politics

China slam US strikes on Iran nuclear sites

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS