Reich who we are and how we got here5/28/2023 ![]() ![]() would soon reach its roughly $31.4 trillion borrowing limit in the coming days. Less than a week after McCarthy won the gavel, Treasury Secretary Janet Yellen warned congressional leaders the U.S. 13: Yellen issues first debt limit warning That included changes to make it easier to force a vote to oust a Speaker, and an agreement, lawmakers said then, to new limits on funding hashed out by Congress during the annual appropriations process. McCarthy agreed to multiple concessions to secure support from his GOP detractors during the bid. The start of the 118th Congress saw a raucous beginning, as McCarthy weathered a historic 15 rounds of ballots before securing the Speaker’s gavel. risks default as early as June 1 without congressional action, an outcome experts warn could have devastating economic effects here and around the world. ![]()
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