Posted on 12/27/2024 6:24:48 PM PST by thegagline
“Extraordinary measures” will be needed to keep the US from defaulting on its obligations if the nation’s debt ceiling isn’t raised or suspended by mid-January, Treasury Secretary Janet Yellen warned Congress Friday.
Yellen, in a letter to House and Senate leaders, noted that the nation’s debt ceiling — the total amount of money the federal government is authorized to borrow to pay for obligations such as Social Security and Medicare benefits — was suspended in June 2023 but will once again be in effect on Jan. 1. ***.
“Treasury currently expects to reach the new limit between January 14 and January 23, at which time it will be necessary for Treasury to start taking extraordinary measures,” Yellen wrote.
*** Republicans will hold slim majorities in both the House and the Senate next year, but hard-line members of the GOP caucus staunchly opposed last year’s successful effort to suspend the debt limit.
The so-called Fiscal Responsibility Act of 2023, negotiated by President Biden and former House Speaker Kevin McCarthy (R-Calif.) over Memorial Day weekend, passed the lower chamber in a 314-117 vote, with 71 Republicans joining 46 Democrats in opposing the measure.
The McCarthy-backed bill, which also limited non-defense discretionary spending to 1% annual growth and clawed back tens of billions of dollars in unspent COVID-19 relief funds, needed substantial Democratic support to pass.
Meanwhile, President-elect Donald Trump has already signaled his support for abolishing the debt ceiling altogether.
Eliminating the nation’s debt limit would be the “smartest thing [Congress] could do. I would support that entirely,” the incoming president told NBC News last week. ***
(Excerpt) Read more at nypost.com ...
I prefer not to hear from anyone that’s about to lose their job for incompetence.
Fat and stupid used to be a problem.
With Janet it is a reward.
Trump won. Time to crash the economy.
We'll steal 4 US Senate seats - but stick The Trump with the presidency so our Gaslight Media can blame him...
Nice of Gramma Yellen to warn us of the economic disaster she helped create.
Just so I understand...Trump wants to be able to spend whatever we want even if we don't have the money?
Only now is the elderly far left yenta raising the alarms. FOAD POS
Can you say, Set Up?
Their plan is working!
All of a sudden TRUMP is about to take over and all h3ll is breaking loose.
They are going to default on the debt and blame it on Trump. Got it.
I saw on PBS that homelessness is at an all time high. “Immigrants” may be a factor.
Janet, when more money chases fewer goods as a result of government interference in the production process, prices do what?
Ans: they go down because we spent the money on our inflation reduction program.
AndyJackson slaps forehead and screams - my God why didn’t I think of that?
It’s all funny money. But I’m ain’t laughing.
Says clueless.
She is a despicable Karen out of a man’s nightmare.
In the Hillary and Elizabeth Warren class.
Still, that’s no way to go through life.
They don’t need to borrow to pay Social security.
If they cut of the illegals medicare would have plenty of money.
This is all BS.
Let it crash. I have 6 months worth of food and I own my house. Let it all play out!
I don’t give a Fu$k about big cities
“ Meanwhile, President-elect Donald Trump has already signaled his support for abolishing the debt ceiling altogether.”
Why?
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