7/23, 7:34 PM (Source: TeleTrader)
more TeleTrader news

WH expects Congress to raise debt limit

White House Press Secretary Jen Psaki (pictured) noted on Friday that the Biden administration expects Congress to approve raising the debt limit.

Asked about Treasury Secretary Janet Yellen's letter to Congress on the matter, Psaki noted that "it is not out of the ordinary, even though it is called an extraordinary step" and stressed Yellen's predecessors have sent similar letters in the past. The White House spokesperson added that she expects bipartisan action on the debt limit.

Earlier, Yellen urged lawmakers to act "as soon as possible" to raise the debt limit before the two-year suspension of the ceiling expires in October. She also stressed that increasing the debt limit "does not increase government spending, nor does it authorize spending for future budget proposals."

Breaking the News / NP