Posted on 09/08/2021 9:00:25 PM PDT by RandFan
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.
“Given this uncertainty, the Treasury Department is not able to provide a specific estimate of how long the extraordinary measures will last. However, based on our best and most recent information, the most likely outcome is that cash and extraordinary measures will be exhausted during the month of October,” she continued.
Yellen wrote the letter to Speaker Nancy Pelosi (D-Calif.), House Minority Leader Kevin McCarthy (R-Calif.), Senate Majority Leader Charles Schumer (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-Ky.).
(Excerpt) Read more at thehill.com ...
If we’re going to implode, might as well impact everyone rather than have the unvaccinated or patriots or conservatives or small business owners or students targeted.
Could Yellen be a straight arrow.
Bring it - while we still have some people who understand the Constitution, and the notion of state rights and Federalism still exist
Y’know - China owns most of that debt...
I’m not smart about ‘finance stuff’.
What does it mean if we ‘default’ - and what does it mean if we ‘raise the debt limit’?
Or they could just stop creating new debt.
I know, unrealistic,
The people in DC aren’t pump priming, their performing economic masturbation like some sex fiend out of the novel Dr Sax.
So, if we just say ‘we ain’t paying’, what happens?
What do we do with our stocks? They be gone?
“If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.” — J. Paul Getty
Just don’t pay them.
If we can’t raise the debt limit, the USA won’t be able to borrow money to pay its creditors. As a result, the USA then becomes a higher credit risk nation and borrowers demand higher interest rates if they are to loan money to the government.
We cannot afford higher interest rates because, pretty soon, all tax revenues would go to paying the interest on the debt, not paying down the debt.
The US Dollar loses its status as the world’s “reserve currency.”
Bottom line: China wins all the marbles.
I say we start WWIII, and set everything back to zero.
Thanks.
(And they still want to spend trillions of dollars on ‘fluff’?)
“What does it mean if we ‘default’ - and what does it mean if we ‘raise the debt limit’?”
If congress raises the debt limit, the government is allowed to spend the money congress budgeted for it to spend.
Congress has never failed to raise the debt limit, though there can be temporary shutdowns of certain services deemed non-essential while negotiations happen.
Cultural Marxism exists to destroy, not to create or sustain. So expect any “solutions” coming from the Left to even stupiderer on mega horse pill steroids.
Maybe they’ll float confiscating IRAs? Claim it was improper to begin with to allow the money to not be taxed. Then maybe they’ll go after second homes and rental properties (in a way, they’ve already gone after those, just on the sly)? Eventually ordinary people, not the governing elites but ordinary people, will as has been said own nothing and be told to love it or else.
… oh, and take this mark if y’all want to buy groceries.
And, yes, it is reasonable for the Lord to expect people to suffer at the hands on men rather than worship the beast and eat.
I was afraid to say it, but I’ve begun to think we’re heading that way - and we WON’T be the ones to start it.
(After the performance of our ‘leaders’ during the past month, I doubt we’ll be the ones to save things again, either.)
But how, in the end, are we going to PAY that ever-accumulating debt?
Nice try, but China owes very little of our debt. US citizens own the lion’s share. Japan and the UK hold more than China. Evidently you forget that they sold most of their debt already.
Printing money.
One day, the value of the dollar will go to zero. States will become independent.
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