Posted on 01/13/2023 1:16:48 PM PST by ChicagoConservative27
WASHINGTON (AP) — Treasury Secretary Janet Yellen notified Congress on Friday that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default.
In a letter to House and Senate leaders, Yellen said her actions will buy time until Congress can pass legislation that will either raise the nation’s $31.4 trillion borrowing authority or suspend it again for a period of time.
Those measures include divesting some payments, such as contributions to federal employees’ retirement plans, in order to provide some headroom to make other payments that are deemed essential, including those for Social Security and debt instruments.
(Excerpt) Read more at breitbart.com ...
Stop ALL foreign aid.
Stop ALL welfare for able bodied adults.
Stop ALL government hiring.
And do it today.
No.
Extraordinary measures will bring us back down to earth and on our way to good, fiscal health.
Tell her to tell the other banks, she has no money.
This is a big yawn.
Of course they will keep raising the limit...forever.
What a boring drama.
Why didn’t the alarm go off on the 1.7 trillion omnibus bill (nobody read) .... three weeks ag? None of them, including Yellen didn’t know this debt ceiling was looming?
We are being played for fools.
Cut ALL the Democrat pet projects.
Immediately suspend ALL civilian federal government retirement payments. IF there is to be suffering, let it be the suffering of retired federal employees who have been overpaid for many years.
This is a monster devouring the earnings of productive Americans - a monster that NEVER should have been created.
Well madame secretary, who do you think will buy our bonds?
What if nobody buys the 5 and 10 year Treasuries? Isn’t the yield curve inverted, Janet?
The Federal Reserve?
A hive of scum and villainy.
Imho.
5.56mm
ZIMBABWE
Hey, Janet, stop spending money you don’t have! The areas where you could immediately cut back on are any money spent on any country, organization or thing outside the US, and welfare. Immediate stop.
I've been ruminating about unspent funds for the last few days...
$36 Billion to bail out a union pension fund in Indiana, just a month ago. Before that, more Billions in paid sick leave for railroad employees...
Why these two expenditres, you ask? Because there was no debate in Congress and no appropriation of funds for either one. Biden just decided to do it, and funds were available.
From where?
IIRC, the #36B was unspent COVID money, reallocated and repurposed for his union buddies. Is that even legal?
Big piles of unspent money for pet projects sounds like a SLUSH FUND to me. I wonder if anyone ever thought to "repurpose" that money to pay off some debt, rather than borrowing more?
Look at the charts here. Tell me what can be cut. Start with no allowing illegals on SS disability.
the old phrase since the 1960s, when asked “will this be cash or check?”
(Reaching for plastic card): “Charge it.”
What?
Oh, the humanity. 😁
The corruption is so so deep today. Thanks for sharing that story.
I am not surprised. It’s like a banana republic here now to me.
Here we go again! Is there ever a time that Yellen would say “hold the line and find a way to cut costs instead”? Of course not. We are now having to pay a higher interest rate on our debt and will be for the foreseeable future. So, Yellen says, “let’s just increase that debt”.
We will eventually cut costs either voluntarily and in an orderly, but painful process, or by force in an even more painful and disorderly process. We are producing less while bringing in more tax-payer dependent low IQ leaches to take more from our coffers even as we go broke.
The Fed held down rates to artificially prop up the Obama administration for two terms. Things were steady under Trump with the economy growing and interest rates should have been raised slightly during his term (even if he disagreed).
Now, we are on a path towards economic destruction that I do not know if can be halted at this point, even if Biden reversed his current policies (which he won’t). Talk about a growing snowball rolling faster and faster down-hill!
Re: illegals on SS disability....
Great scene in I Love You, Alice B. Toklas (1968, with Peter Sellers as a lawyer thinking about “dropping out” to live with the beautiful “hippie” Leigh Taylor Young).
A Mexican migratory worker comes into his office to ask to start a lawsuit after his open truck was in an accident. All ten of his children were wearing cervical collars to play for sympathy.
https://www.tcm.com/tcmdb/title/78832/i-love-you-alice-b-toklas#overview
And cut all embassies and consulates to bare minimum. When you don’t have money, you can’t buy friends; so there is no need to have such large missions abroad.
Defund everything the US Constitution doesn’t specifically give to the federal government.
"Interest" being paid to our banking cabal overlords. When it's really a shakedown.
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