House Democrats took the next step in starting a discharge petition for a debt-ceiling increase, a maneuver that could allow them to go around Republican leaders
, Democrats would need the support of at least five GOP representatives. Lawmakers can start gathering signatures on May 16, according to an aide.
Democrats want to increase the debt ceiling with no conditions attached, saying they won’t enter into negotiations on the matter. Republicans have sought deep spending cuts in exchange for raising the borrowing limit and say Democrats need to come to the table. “The president and the speaker need to reach an agreement to get us past this impasse,” said Mr. McConnell.
The U.S. bumped up against the $31.4 trillion debt ceiling in January. Ms. Yellen at that point began using a series ofto keep paying the government’s obligations to bondholders, Social Security recipients and others. Sen. Thom Tillis said ‘If everybody starts thinking we can get an extension then the crisis won’t happen until the end of that extension, that’s just the way it works up here.’Yields on Treasury bills maturing in early June jumped after Ms. Yellen’s comments, made after the markets closed on Monday. In midafternoon trading Tuesday, the yield on a bill maturing on June 1 was 5.429%, according to Tradeweb, up from 4.464% Monday. The yield on a bill maturing June 6 was up to 5.521% from 4.852%.
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