Another difference is the sheer amount of debt being talked about. In 2011, the debt ceiling stood at $14.3 trillion — less than half the current threshold.
While Republicans have long focused on getting cuts to federal entitlement programs like Social Security, Medicare and public health care, White House press secretary Karine Jean-Pierre on Tuesday warned that border security, drug enforcement efforts and even school lunch programs could also be on the chopping block.
“There is no excuse for political brinksmanship when American jobs and economic safety is on the line.”Democrats in the House and Senate have focused on the economic consequences a default would bring if the debt ceiling is not raised, signalling they too will not approve such spending cuts.Yellen told lawmakers on Thursday the treasury still has “extraordinary measures” it can use to keep the government afloat until early June at the latest.