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January 20, 2023
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Aruba’s ONLY English newspaper
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U.S. Treasury buys time for Biden and JUMP18 project giving
GOP on debt limit deal great results

The Treasury Department is seen near sunset in Washington, Wednesday, Jan. 18, 2023. .
Associated Press
By JOSH BOAK and any threats to the economy would be Page 8
Associated Press several months away. Even many worried
WASHINGTON (AP) — The U.S. government analysts assume there will be a deal.
bumped up against its debt limit Thursday, But this particular moment seems more
prompting the Treasury Department to fraught than past brushes with the debt MoU signed for project
take “extraordinary” accounting steps to limit because of the broad differences
avoid default — as friction between Presi- between Biden and new House Speaker enhancing Eagle Beach Strip
dent Joe Biden and House Republicans Kevin McCarthy, who presides over a res-
raised concern about whether the U.S. tive Republican caucus.
can sidestep an economic crisis. Those differences increase the risk that the
The Treasury Department said in a letter to government could default on its obliga-
congressional leaders it had started taking tions for political reasons. That could rattle
“extraordinary measures” as the govern- financial markets and plunge the world’s
ment had run up against its legal borrow- largest economy into a preventable re-
ing capacity of $31.381 trillion. An artificial- cession. Biden and McCarthy, R-Calif.,
ly imposed cap, the debt ceiling has been have several months to reach agreement
increased roughly 80 times since the 1960s. as the Treasury Department imposes mea-
“I respectfully urge Congress to act sures to keep the government operating
promptly to protect the full faith and cred- until at least June. But years of intensifying
it of the United States,” Treasury Secretary partisan hostility have led to a conflicting
Janet Yellen wrote in the letter. set of demands that jeopardize the abil-
Markets so far remain relatively calm, giv- ity of the lawmakers to work together on a
en that the government can temporarily basic duty. Page 7
rely on accounting tweaks to stay open Continued on Page 2