Treasury’s “Extraordinary Measures” Can’t Solve The Debt Limit Crisis

The looming federal debt crisis gets more worrisome this week, as the Treasury Department will start taking “extraordinary measures” to pay our bills. Although those measures can buy several months of temporary relief, President Biden ultimately may still have to take unilateral action to avoid a fiscal and economic meltdown.

Without those measures, on Thursday the U.S. couldn’t pay all its bills, according to Treasury Secretary Janet Yellen. That would threaten America’s credit rating and put financial markets into a worldwide panic.