congressional leaders including House Speaker Kevin McCarthy that her department had begun using extraordinary cash management measures that could stave off default until June 5.
Republicans, with a newly won House majority, aim to use the time until the Treasury's emergency maneuvers are exhausted to exact spending cuts from Biden and the Democratic-led Senate. Corporate leaders and at least one credit ratings agency warned a long standoff could rattle markets and unsettle an already shaky global economy.that the June date was subject to "considerable uncertainty" due to the challenge of forecasting payments and government revenues months into the future.
"I respectfully urge Congress to act promptly to protect the full faith and credit of the United States," Yellen told congressional leaders in a letter Thursday.Republicans are trying to use their narrow House majority and the debt ceiling to force cuts to government programs, and argue that the Treasury could avoid default during a standoff by prioritizing debt payments. This idea has been explored in past standoffs, but financial experts have questioned its feasibility.
Source: Loan Digest (loandigest.net)
Reducing debt and borrowing is 'mind-boggling'? They planning to claim bankruptcy?
If your credit card limit is $20k but you try and spend $100k, what happens?
二党の対立を通しての見え透いた冷戦への戦意高揚🤣🤣🤣
How much more of our money do you want to give away Joe?;Are you getting your percentage, big guy?
Biden impresses again. Amazing. THANKSJOEBIDEN
Right on, need new Party to kick out repubs on payola with nra
GOP rose 3 times debt ceiling limit under Trump administration. Trump added $4.7T to national debt before covid hit and total $8.7T in 4 years. 👇
Do not lift. Force dems to cut spending!
Liberals like to say that Biden has reduced the Nation dept, wrong democrats have just been raining the dept ceiling to make Biden look good. Doesn’t solve the problem.
Here’s a novel idea — instead of raising the debt ceiling, CUT SPENDING! Our bloated, corrupt, and greedy government won’t stop spending voluntarily.
Nobody can understand your mumbles Joey boy
He’s been a place holder elected through media collusion. Media is the marketing wing of the DNC.
Sick. What kind of Americans make the phrase ‘make America great again’ wrong? Madness.
He's an irresponsible leader
Biden took the responsible course of unilaterally refusing to negotiate on anything. Because a good president doesn’t listen to the demands of the nations elected representatives.
This is analogous to a family refusing to stop buying frivolously beyond their income while telling their credit card companies to keep raising their spending limits. Who does this? Who does this and thinks this is an intelligent fiscal policy?
biden should double or triple the spending cuts that congress is requesting. Make it a contest to see who can cut spending more.
How dare someone suggest not being a ridiculous debtor.
Lmfao Biden’s turned the country into a shit hole.
When will he tell the American people what classified information he stole and then kept laying around his garage? That’s all I want to hear from him
Biden has already cut Trump's inflationary record spending and record deficit by record amounts. This is a GOP heist to steal your Social Security
Let's let the GOP crash the world economy. Maybe then voters will learn to VoteBlueToSaveAmerica
AltemusFrances Experts are baffled
I know how we could cut $2.5 billion.
Socialism doesn’t work. The Democrats will tax us to death.
So the US joins the rest of the world in the cost-of-living enslavement via proxy of institutional finance. Luckily they still have a lot of fat to cut off before consumers feel the rest of the squeeze of bloated governance. Then they'll board the taxation gravy train.
How much did trump raise the debt, 7.5 trillion?
Republicans don't want to govern, they want Americans to suffer in the name of insert conspiracy & victimhood. It's going to be fun watching their constituents cheer as they bite their noses off to spite Libs.
Biden really needs to be Impeached!
Democrats better make some cuts. The American people voted for a Republican Congress to being back fiscal sanity. 30+ trillion and growing rapidly isn’t sustainable. Start with the 87k IRS agents.
31.4 trillion that's all we need to hear. Time to start the tea party movement again
Shibboleths since 1971 jajjajaja We are the debris of that implosion.
US has carried out the largest illegal transfer of wealth in human history by printing money. US debt is US$31.4 trillion, equv 130% GDP & is increasing. US does not seem to have any intention to pay off its debt. Here is Yellen handbook for Scoundrel👇
I need to get one of those machines.
The U.S. owed “communist” China $1trillion. Freely creating dollars cannot work forever. Soon, China will stop paying to keep the U.S. alive. The U.S. has a ratio federal debt to GDP of almost 140%. It is broke and broken.
It’s tempting to spend all taxpayers money and print more to cover own needs. Who cares?
More funds to Ukraine please!
How many billions are going to support POTUS proxy war in Ukraine ? USA so in debt how can they possibly finance their war against Russia . Wonder when Europarl_EN will wake up and realize Biden’s war is now their war. RussiaUkraineWar
Just how the 99% live every day.
When these “extraordinary measures”are annual, they are no longer extraordinary - they’re baked in to the equation.
Thank you, Congress and Presidents for the last 3 decades. Something we always wanted.
Maybe we can cut some of the green deal pet projects or even ask Ukraine for a couple billion but I suppose at the rate the current administration is spending that would only last a couple months.
No negotiations. Nothing to bargain away when the opposition wants your demise
The '0.4' isn't that big of a deal ... better to just ROUND THE FIGURE & say 'NEARLY $32T'
Buy Bitcoin Cardano
They're gonna pay themselves either way so who gives a shit
Reduce spending on Ukraine
So Ukraine gonna pay us back or…
Another 'Bubble' burst is coming.. who is appending on government paying.. wauw
Dog and pony show
“Borrowing limit”…just say debt
Republicans!!!! Not congress.
Take note of who in Congress, Friends & Family, go short the USD and markets. Those are the economic terrorists.
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