Author Topic: Janet Yellen: U.S. Will Hit Debt Limit Next Week, ‘Extraordinary Measures’ Can Prevent Default  (Read 336 times)

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Online mystery-ak

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Janet Yellen: U.S. Will Hit Debt Limit Next Week, ‘Extraordinary Measures’ Can Prevent Default

Breitbart News 13 Jan 2023

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.

“Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability,” she said. “Indeed, in the past, even threats that the U.S. government might fail to meet its obligations have caused real harms, including the only credit rating downgrade in the history of our nation in 2011.”

Yellen said that while Treasury can’t estimate how long the extraordinary measures will allow the U.S. to continue to pay the government’s obligations, “it is unlikely that cash and extraordinary measures will be exhausted before early June.”

Treasury first used these measures in 1985 and has used them at least 16 times since, according to the Committee for a Responsible Federal Budget, a fiscal watchdog. But the extraordinary measures only work for so long, and would probably run out — and put the U.S. at risk of default.

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https://www.breitbart.com/economy/2023/01/13/janet-yellen-u-s-will-hit-debt-limit-next-week-extraordinary-measures-can-prevent-default/
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White House calls for debt ceiling hike ‘without conditions’

BRETT SAMUELS - 01/13/23 2:08 PM ET


The White House on Friday called for the debt limit to be raised without conditions, laying down a marker ahead of what is likely to be a bruising fight with House Republicans in the coming months.

“We believe, when it comes to the debt limit, it has been done in a bipartisan way over the years and decades. And it should be done in a bipartisan way. And it should be done without conditions. That is important here,” press secretary Karine Jean-Pierre said.

Jean-Pierre’s comments came shortly after Treasury Secretary Janet Yellen wrote to Speaker Kevin McCarthy (R-Calif.) to warn the U.S. is projected to reach its roughly $31.4 trillion borrowing limit in less than a week, and the department would have to soon begin taking “extraordinary measures” to buy time for Congress to avoid default.  .  .  .

https://thehill.com/homenews/administration/3812508-white-house-calls-for-debt-ceiling-hike-without-conditions/
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Online Hoodat

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Republicans now have a golden opportunity to gain all the concessions they have been promising.  Fire the 87,000 new IRS agents?  Include it with the debt ceiling bill.  End all the free Covid money?  Put it in the bill.  Donate all those wall materials to Texas to build their own wall?  Put it in the bill.

The ball is firmly in the Republican's court right now.  Now is their chance to prove that they aren't part of the problem.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-

Online Hoodat

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“Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability,” she said.

This is such bullshit.  Enough money pours into the Treasury every single day to retire the government's obligations.  But that's not what Yellen is referring to.  It's not about the obligations of the government, but about their excesses.  It is the excesses that won't get funded, and that is the part that Big Government falsely threatens us all with.  Irreparable harm to the U.S. economy.  The livelihoods of all Americans.  Global financial stability.  All of it complete bullshit.  Ending the excess is the best thing that could ever happen to the global economy and the livelihoods of working Americans.  But for government bureaucrats?  Not so much.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-

Online roamer_1

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This government costs more than the entire GNP.
That is unsustainable. Obviously.

Spending cuts are the only solution.
Obviously.

Make do.
That's what all the rest of us have to do.

Seriously. This is kitchen table sh*t. If you ain't got the money, you ain't got the money. And it don't matter a damn bit that the kids want to go to Disney this summer.

Cut up the credit cards and go back to beans till the bills are paid.
« Last Edit: January 13, 2023, 11:10:53 pm by roamer_1 »

Online Hoodat

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Spending cuts are the only solution.
Obviously.

Make do.
That's what all the rest of us have to do.

Seriously. This is kitchen table sh*t. If you ain't got the money, you ain't got the money. And it don't matter a damn bit that the kids want to go to Disney this summer.

Cut up the credit cards and go back to beans till the bills are paid.

It really is that simple.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-

Offline christian

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How can we continue to finance the worlds Communists and radical muslims if we don't keep peeing away Trillions of dollars for them to keep them happy?
 000hehehehe :laughingdog: :media: :happyhappy: twilight zonexxxx ////00000////
  UTOPIA, UTOPIA, UTOPIA
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hOW DID WE GET TO THIS PLACE?  DENIAL OF TRUTHS, DEAR LOVE OF LIARS, DECEIVERS, paid in full
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Online bilo

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FWIW, we currently have 30 trillion plus in debt that we sell bonds to pay for it. If interest on the bonds is at 4% the interest payments alone will be 1.2 trillion per year. When the day comes that we can't pay the interest on the bonds we sold and/or redeem them the last great depression will seem pretty minor compared to the upheaval we will face.

Massie has the right idea a 10% cut across the board in order to extend the debt ceiling.
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Offline EdinVA

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This government costs more than the entire GNP.
That is unsustainable. Obviously.

Spending cuts are the only solution.
Obviously.

Make do.
That's what all the rest of us have to do.

Seriously. This is kitchen table sh*t. If you ain't got the money, you ain't got the money. And it don't matter a damn bit that the kids want to go to Disney this summer.

Cut up the credit cards and go back to beans till the bills are paid.

Did someone say cuts?  I think the french were on the right track....

Offline christian

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Fix our financial problems they worked so damn hard to make, by empowering of enemies and weakening us?  The postured pretense is they didn't mean to do what they have done to us?  Then we are too damn dumb to recover what they massive 'accident' that has happened to us over the last few decades, regardless of how heavy handed and obvious it has been.

What happens when fools, damn fools, and useful fools get their way.  The End Times was told us thousands of years ago, to warn us as to what its going to take to clean up this Satans mess.
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