![\"\"](\"https:\/\/www.marylandmatters.org\/wp-content\/uploads\/2022\/08\/The-U.S.-Capitol.jpg\")
The nation reached its debt limit Thursday, beginning the uncertain process known as extraordinary measures, in which the U.S. Treasury Department uses accounting maneuvers to avoid defaulting on the debt.<\/p>\n
The often-used practice is intended to give the Republican House, Democratic Senate and Biden administration time to negotiate a bipartisan agreement to raise the debt ceiling to a dollar figure or suspend it through a certain date.<\/p>\n
This year\u2019s debate over how exactly to do that is expected to be especially tense after Speaker Kevin McCarthy, a California Republican, made promises to several of his party\u2019s more conservative members in exchange for the votes needed for him to hold the gavel.<\/p>\n
Democrats and the White House are adamant they won\u2019t agree to drastic spending cuts to discretionary programs, which fund the vast majority of federal agencies, or mandatory programs like Social Security, Medicare and Medicaid.<\/p>\n
The stalemate could have significant impacts on the global economy, financial markets and the nation\u2019s credit rating the longer it goes.<\/p>\n
If disagreements about how to address the debt limit last too long, the Treasury Department will exhaust extraordinary measures and the nation would default on the debt for the first time.<\/p>\n
Manchin gets involved<\/b><\/p>\n
White House Press Secretary Karine Jean-Pierre said Wednesday during the daily briefing that the Biden administration is \u201cjust not going to negotiate\u201d on the debt ceiling, especially since Republicans voted three times to suspend it during the Trump administration.<\/p>\n
\u201cSo it is essential for Congress to recognize that dealing with the debt ceiling is their constitutional responsibility,\u201d Jean-Pierre said. \u201cThis is an easy one. This is something that should be happening without conditions.\u201d<\/p>\n
West Virginia Democratic Sen. Joe Manchin III, however, is pressing the White House and congressional leaders to begin negotiations, saying during an interview on Fox Business<\/a>\u00a0that he\u2019s already spoken to McCarthy about the issue.<\/p>\n Manchin noted that Congress could put in place another committee to look at ways to address the rising national debt, though he said lawmakers would hold the line on Social Security.<\/p>\n \u201cWe\u2019re not getting rid of anything, and you can\u2019t scare the bejesus out of people saying we\u2019re going to get rid of Social Security, we\u2019re going to privatize. That\u2019s not going to happen,\u201d Manchin said from the World Economic Forum winter meeting in Davos, Switzerland.<\/p>\n \u201cBut we should be able to solidify it, so the people who have worked and earned it know they\u2019re going to get it.\u201d<\/p>\n Debt limit reached<\/b><\/p>\n Treasury Secretary Janet Yellen\u00a0wrote to Congress last week<\/a>, to inform members the United States would reach its $31.385 trillion borrowing limit Jan. 19.<\/p>\n She wrote to lawmakers again Thursday, telling them the country had in fact reached its debt limit and she had begun using some of the extraordinary measures to keep paying all of the country\u2019s bills in full and on time.<\/p>\n The accounting maneuvers will likely last until at least early June, but Yellen continued pressing Congress on Thursday to get a deal together sooner rather than later.<\/p>\n \u201cAs I stated in my January 13 letter, the period of time that extraordinary measures may last is subject to considerable uncertainty, including the challenges of forecasting the payments and receipts of the U.S. Government months into the future,\u201d Yellen\u00a0wrote<\/a>. \u201cI respectfully urge Congress to act promptly to protect the full faith and credit of the United States.\u201d<\/p>\n