The White House countered that it will not offer any concessions or negotiate on raising the debt ceiling. The announcement follows the warning Yellen sent last week about the approaching debt limit and the temporary Band-aid of the extraordinary measures. For now, he is leaning in on using the debt ceiling crisis to cut spending and balance the US budget. Hard-right GOP Rep. Andy Biggs went even further in a tweet on Tuesday, writing, “We cannot raise the debt ceiling. These funds are invested in special-issue Treasury securities, which count against the debt limit.

Source: CNN January 19, 2023 21:57 UTC