So now we're NOT running out of money on June 1?
Jazz Shaw 8:31 AM on May 27, 2023
So now we're NOT running out of money on June 1?
Jazz Shaw
4–5 minutes
A public service announcement. The end of the world has been postponed by at least four days. Janet Yellen had repeatedly assured us that the nation would run out of money to cover its debts by June 1st. But with a deal in the works, seemingly drawing closer by the day, she’s now saying we should still have some change left in the national piggy bank until June 5. At the same time, this all may turn out to be much ado about nothing. ABC News is reporting that both the White House and the Speaker’s office are increasingly “optimistic” that they are close to a deal that will make it through both chambers and to the President’s desk. The emphasis remains on the word “may,” however, because there are still a few potential flies in the ointment.
Treasury Secretary Janet Yellen on Friday issued a new letter to Congress estimating that the government won’t be at risk of running out of money to pay all its bills until June 5 — slightly later than the agency’s previous estimate of as soon as June 1.
“Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5,” Yellen wrote.
Republicans questioned Yellen’s methodology, with some accusing her of “manipulation tactics.”
Some members of the House GOP are understandably skeptical of Yellen’s pronouncements. She’s not revealing any of the magical bookkeeping taking place in the background in what should be a transparent process.
Joe Biden is pretty much out of the loop at this point. He once again headed off to vacation at Camp David while others attempt to avoid a veritable shutdown if the debt ceiling can’t be raised. But he described himself as “hopeful” that we would have a deal in the coming days. Congressman Patrick McHenry, one of the GOP negotiators, offered a similarly optimistic view before meeting with Kevin McCarthy to try to hammer out the final details.
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https://hotair.com/jazz-shaw/2023/05/27/so-now-were-not-running-out-of-money-on-june-1-n553839
