US reaches debt limit; Treasury now taking 'extraordinary measures'

WASHINGTON — The countdown toward a possible U.S. government default is in the offing, and frictions between President Joe Biden and House Republicans are raising alarms about whether the United States can sidestep a potential economic crisis.

But this particular moment seems more fraught than past brushes with the debt limit because of the broad differences between Biden and new House Speaker Kevin McCarthy, who presides over a restive Republican caucus. National News How ominous is the debt limit problem? Here's what to know as the US nears its borrowing limit. Biden insists on a"clean" increase to the debt limit so that existing financial commitments can be sustained and is refusing to even start talks with Republicans. McCarthy is calling for negotiations that he believes will lead to spending cuts.

Any deal would need to pass the Democratic-run Senate. Many Democratic lawmakers are skeptical about the ability to work with Republicans aligned with the"Make America Great Again" movement started by Trump. The MAGA movement has claimed that the 2020 election lost by Trump was rigged, a falsehood that contributed to the Jan. 6, 2021, insurrection at the U.S. Capitol.

What happens if these measures are exhausted without a debt limit deal is unknown. A prolonged default could be devastating, with crashing markets and panic-driven layoffs if confidence evaporated in a cornerstone of the global economy, the U.S. Treasury note. Still, if past debt ceiling showdowns such as the one that occurred in 2011 are any guide, Washington may be in a nervous state of suspended animation with little progress until the"X-date," the deadline when the Treasury's"extraordinary measures" are depleted.

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