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The US should not be \u201cplaying games\u201d with the debt ceiling<\/a>, the JP Morgan chief executive, Jamie Dimon, warned warring US political factions on Thursday as a heated row over the federal borrowing limit reached a crisis point.<\/p>\n \u201cWe should never question the creditworthiness of the US government. That is sacrosanct and it should never happen,\u201d Dimon said on Thursday in an interview on CNBC<\/a>. \u201cThis is not something we should be playing games with at all.\u201d<\/p>\n \u200bDimon\u2019s comments came as the US treasury department announced later Thursday it would take steps to keep paying the federal government\u2019s bills as the US hit its $31.4tn debt limit as expected.<\/p>\n In a letter<\/a> addressed to the Republican House speaker, Kevin McCarthy, the treasury secretary, Janet Yellen, said the department will suspend new investments in the civil service retirement and disability fund, as well as the postal service retiree health benefits fund until June.<\/p>\n Yellen warned that moves were subject to \u201cconsiderable uncertainty\u201d if Congress does not pass a bill to increase the borrowing limit. Last week, she had sought to head off an impasse over the US\u2019s borrowing that if breached could begin to seize up debt repayments and send shock waves throughout the US and global economies.<\/p>\n \u201cFailure to meet the government\u2019s obligations would cause irreparable harm to the US economy<\/a>, the livelihoods of all Americans and global financial stability,\u201d Yellen told Congress.<\/p>\n She said that the Biden administration would try to keep the country under that debt cap and able to finance its operations as long as possible by using \u201cextraordinary measures\u201d<\/a> that involves shifting money and suspending investments in savings plans for government workers.<\/p>\n In theory that could give lawmakers until June to come up with a solution, but Yellen also warned that the US treasury \u201cis not currently able to provide an estimate of how long extraordinary measures will enable us to continue to pay the government\u2019s obligations\u201d.<\/p>\n Political wrangling over US treasury debt, which has doubled in a decade, is a traditional battlefield for political parties. Since 1960, politicians have moved to raise, extend or revise the debt limit 78 times.<\/p>\n The White House maintains that the ceiling should be increased without conditions and will not negotiate on the issue. Republicans are urging a \u201cdebt prioritization\u201d plan that would seek to avert default.<\/p>\n \u201cWe\u2019re not going to default on the debt. We have the ability to manage servicing and paying our interest. But we similarly should not blindly increase the debt ceiling,\u201d Representative Chip Roy, a leading conservative Republican, told Reuters.<\/p>\n But Dimon, regarded as America\u2019s most powerful and most forthright banker, warned against playing political football with the issue.<\/p>\n \u201cOf course Democrats will blame the Republicans and Republicans will blame the Democrats,\u201d Dimon told CNBC. \u201cI don\u2019t care who blames who. Even questioning it is the wrong thing to do \u2026 That is just a part of the financial structure of the world. This is not something you should be playing games with at all.\u201d<\/p>\n<\/div>\n\n The US should not be \u201cplaying games\u201d with the debt ceiling, the JP Morgan chief executive, Jamie Dimon, warned warring US political factions on Thursday as a heated row over the federal borrowing limit reached a crisis point. \u201cWe should never question the creditworthiness of the US government. That is sacrosanct and it should never …<\/p>\n","protected":false},"author":1,"featured_media":44583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/44582"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=44582"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/44582\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/44583"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=44582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=44582"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=44582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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