A GOP plan to pay off certain debts to avoid default instead of passing a debt ceiling bill is a “dangerous idea,” said Yellen.
Debt across all categories totaled $16.9 trillion as balances rose across all major categories.
Treasury will exhaust its emergency measures sometime between July and September unless Congress raises the debt ceiling, the Congressional Budget Office says.
Moving a balance from a high-rate credit card to one with a no-interest offer can save thousands.
Treasury Secretary Janet Yellen warned that defaulting on the debt ceiling would lead to financial catastrophe.
Debt ceiling negotiations between Democrats and Republicans should not include Social Security and Medicare, House Speaker Kevin McCarthy said Sunday.
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