Treasury Secretary Janet Yellen, center, with Speaker of the House Nancy Pelosi, D-Calif., and … [+] CQ-Roll Call, Inc via Getty Images In what seems to feel like Groundhog Day every time we have a divided legislature, the federal government will hit its borrowing limit today, and increasing it will require Congressional approval. The first two weeks of the 118th Congress have produced signs that lawmakers could put the U.S. economy and small businesses in danger with theatrics. We have already seen House Republicans challenging their own party in electing a Speaker of the House and advancing bills that have little chance of passing the Senate. The more extreme conservative wing of the House Republicans are now trying to use the serious issue of raising the debt limit to drive concessions from their moderate Republican and Democrat counterparts. Trying to reach a compromise is good, but holding the US economy hostage is not. On January 13, U.S. Department of Treasury Secretary Janet Yellen sent a letter to Congress saying the federal government will run out of money on January 19 if the debt ceiling is not raised. Republicans have said they will not raise the debt limit ceiling without […]
Small Business Impacted If Congress Defaults On The National Debt
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