Posted on 09/08/2021 8:01:09 AM PDT by ChicagoConservative27
Treasury Secretary Janet Yellen on Wednesday warned congressional leaders that the U.S. is on track to default on the national debt in October if the White House and Congress are unable to raise the debt limit.
In a Wednesday letter, Yellen said that the Treasury Department would likely run out of cash and exhaust “extraordinary” measures to keep the federal government within its legal borrowing limit at some point next month.
"Once all available measures and cash on hand are fully exhausted, the United States of America would be unable to meet its obligations for the first time in our history," Yellen said.
(Excerpt) Read more at thehill.com ...
Good job, Joe!
Do it.
Do it.
Do it.
Do it.
Let’s get it over with.
At least it will provide freedom to strategize to pay back the debt, assuming the politicians would do this.
Will the powers that be really let us default on the national debt, and cause turmoil on world financial markets?
Obama presided over the downgrading of US Government debt. Maybe Joe will preside over another downgrade. Unfortunately, lowering the national credit rating will result in higher interest costs on that debt.
But if they simply print more money, then inflation will be a consequence. Does anyone care about inflation?
What responsible market calming words.
I had hoped we were rid of this fool but of course not.
Joe’s crumbling economy, what is really going to upset Democrats more than the botched w/d, botched covid handling, inflation, soaring gas and energy prices, is when the inevitable happens. The STOCK MARKET CORRECTION which will happen before November 2022.
China will take over with their already acquired business and manufacturing purchases they’ve diligently been buying since the sixties or seventies.
Well, considering that the Democrats control the Presidency and both houses of Congress, this is entirely on them.
That is a LIE.
All we have to do to avoid default is to continue to pay interest on our debt.
We can still do that with the money coming in.
And Yellen knows it.
What’s the point of having any limit when it never prevents an increase in spending? The debt just keeps rising no matter what.
It may be part of the (globalist) plan: crushing debt, default on interest payment, dollar crashes - IMF takes over, goodbye Constitution.
Does anyone care about inflation?
*************
Not yet. But they will soon enough. When its too late.
Then is this kabuki theater?
And in the end, Joe and Democrats in Congress will say how they avoided calamity with whatever action they plan to orchestrate, to show us how they dealt with this issue?
No matter who is in power, the can will get kicked down the road. That’s because whoever is in power when the can stops moving will take the blame for what happens. Also, they come in to power with an agenda that requires money.
Yeah, but try cutting anything else ... At this point, it’s Rise and Shine, full speed ahead.
Politicians of both parties will just use whatever happens to seize more power.
as long as all the representatives that voted for these spending increases get paid, i see no problems ahead.
can we do business without government intervention? YES WE CAN.
Yes, it’s Kabuki theater.
Just like the threatened government shutdown.
Fedzilla never shuts down since anything they want to keep running they just deem essential.
So the only things that do get shutdown are anything guaranteed to screw and/or the public.
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