Treasury Secretary Janet Yellen warned that the U.S. will reach its $31.4 trillion borrowing cap on Thursday.
The debt limit is the total amount of money the U.S. government is authorized to borrow. Once the limit is reached, the Treasury must take extraordinary measures, essentially accounting maneuvers, to prevent the U.S. from defaulting.
In a letter addressed to House Speaker Kevin McCarthy last week, Yellen warned that she’d be implementing two extraordinary measures to give lawmakers more time. However, extraordinary measures can only be used for a limited amount of time.
“It is therefore critical that Congress act in a timely manner to increase or suspend the debt limit,” Yellen wrote. ”Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability.”
Republicans and Democrats are at odds over how to handle the debt ceiling.
McCarthy told President Joe Biden that Republicans would temporarily raise the debt ceiling in exchange for a spending cap. The Speaker asked to meet with lawmakers to begin negotiations.
“I would like to sit down with all the leaders and especially the president and start having discussions,” McCarthy told reporters Tuesday.
But, White House Press Secretary Karine Jean-Pierre said Biden was not interested in this sort of negotiation..
“As President Biden has made clear, Congress must deal with the debt limit and must do so without conditions,” the Press Secretary told reporters.
Orangetheory Fitness is redefining the future of workouts with smarter tech, strength-based programming, and community-driven studios built for what’s next.
Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
