U.S. gov’t touches debt limit amid standoff between Republicans and Democrats

Published by
Reuters

By David Morgan WASHINGTON (Reuters) – The U.S. government was due to hit its $31.4 trillion borrowing limit on Thursday, amid a standoff between the Republican-controlled House of Representatives and President Joe Biden’s Democrats that could lead to a fiscal crisis in a few months. Republicans, with a newly won House majority, aim to use the congressionally mandated federal debt ceiling to exact spending cuts from Biden and the Democratic-led Senate. Thursday’s deadline will have little immediate effect, because Treasury officials are prepared to begin employing emergency cash management mea…

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