Yellen Warns Lawmakers U.S. Has Just Three Weeks Before It Defaults on Its Debts

In a letter to lawmakers this morning, Treasury Secretary Janet Yellen warned that the United States has just three weeks before it defaults on its debts.

“We now estimate that Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18. At that point, we expect Treasury would be left with very limited resources that would be depleted quickly,” Yellen wrote. read more

Group of Republican Attorneys General Threaten Legal Action Over Stimulus, Calling It “Unconstitutional”

A group of Republican attorneys general has threatened legal action against President Joe Biden’s administration over the American Rescue Plan, a historic $1.9 trillion stimulus package that was last week signed into law to address the economic impact of the Covid-19 pandemic. They argue the stimulus package is unconstitutional and example of government overreach. They take particular issue with the $350 billion in the measure that went to states and counties to help them offset the costs of handling the pandemic. read more