Treasury Secretary Says U.S. Will Hit
Debt Limit Next Week, Will Take ‘Extraordinary
Measures’ to Avoid Default
National Review,
by
Brittany Bernstein
Original Article
Posted By: Dreadnought,
1/13/2023 3:16:02 PM
Treasury Secretary Janet Yellen said the U.S. will hit its debt limit on January 19, at which point the Treasury Department will take “extraordinary measures” to avoid default.
She called on Congress to raise the debt ceiling as soon as possible, with the government on track to max out on its $31.4 trillion borrowing authority next week. Without intervention, the government could be left unable to pay its bills by June.
“It is unlikely that cash and extraordinary measures will be exhausted before early June,” she wrote in a letter to House Speaker Kevin McCarthy (R., Calif.) Extraordinary measures include delaying some payments, including contributions to federal employees’ retirement plans, to free
Reply 1 - Posted by:
GoodDeal 1/13/2023 3:30:42 PM (No. 1377986)
Oh, my GOOOOODDDD not a dreaded "default"!!!! Never fear Mitch and Chuck will be sure to raise the debt ceiling at the same time they ramrod another $1.8 Trillion spending bill.
11 people like this.
Reply 2 - Posted by:
hershey 1/13/2023 3:34:32 PM (No. 1377989)
Well, ya might try not spending so much money....ever think of that????
22 people like this.
Reply 3 - Posted by:
cor-vet 1/13/2023 3:36:03 PM (No. 1377991)
Start the presses, print more money! There, that was so easy, I almost feel like a democrat!
11 people like this.
Reply 4 - Posted by:
Dodge Boy 1/13/2023 3:38:22 PM (No. 1377993)
No worries, mates. The debt ceiling will be raised. Now I understand why the uniparty was so eager to pass the omnibus bill under the old congress. Leave it for the new pubbie-controlled congress to raise the debt ceiling. How clever. Meanwhile, ignore the expected noise from cnn and the msm. America's day of reckoning isn't here just yet.
8 people like this.
Reply 5 - Posted by:
Sanchin 1/13/2023 3:40:24 PM (No. 1377995)
Maybe they can take a loan from the Ukronazi Zelenski!
7 people like this.
Reply 6 - Posted by:
leonardo 1/13/2023 3:45:20 PM (No. 1377999)
OOOOh! TOTALLY UNEXPECTED !!!
Didn’t Yellin STATE that there would never be another financial problem in her lifetime?
Taxpayers elect those who will BORROW & OVERSPEND every day … all while the fools-in-charge send them STIMMIE checks for NOT WORKING!! ALL while the people bury themselves in credit card debt. With a new crisis impending that will be a perfect time to introduce CBDCs with which the government will be able to give money to or take money from anyone … perfect for reparations at taxpayer expense, and any other boondoggles that elected fools can devise to buy votes. Kiss America goodbye and learn Chinese.
6 people like this.
Reply 7 - Posted by:
davew 1/13/2023 3:53:05 PM (No. 1378005)
People need to read "The Deficit Myth" by Stephanie Kelton to understand how Modern Monetary Theory actually works. It's not a theory, its the way the Federal Reserve and Treasury work together to create as much money as needed to pay the government obligations. This makes the threat of default ridiculous.
The whole exercise with the debt ceiling is to give one side or the other a club to beat their opponents with in terms of spending priorities.
3 people like this.
Reply 8 - Posted by:
PostAway 1/13/2023 3:53:24 PM (No. 1378006)
We’ve seen this movie so many times before. The professional liars (aka career politicians) will reach into our wallets, rob us blind, blow our money at the nearest harbor bar/brothel, get wasted and come back for more. They treat us like their scurvy crew and don’t even bother to provide anything of value in return because that would require some measure of sacrifice on their parts such as 1.) shipping out and 2.) earning a living.
4 people like this.
Reply 9 - Posted by:
Rich323 1/13/2023 3:58:29 PM (No. 1378011)
Lower the cost of the omnibus bill to at or below the debt ceiling by cutting wokeness pork in the billions. Military CRT and wokeness and pet jobs programs located in congressional districts. Do that and there is no issue. This bill is laden with ridiculous pork projects. Cut the democrats secret $34,000 pay raise hidden in there.
4 people like this.
Reply 10 - Posted by:
Birddog 1/13/2023 4:01:06 PM (No. 1378013)
They just crammed through a record breaking $1.7 TRILLION "Spending Bill", they claimed would solve Inflation and everything else...now less than a month alter they have hit the Debt Limit???
Maybeeee...just maybe...what we NEED is actual Budgets, not CR's.
7 people like this.
Reply 11 - Posted by:
24tea@Mag 1/13/2023 4:03:32 PM (No. 1378016)
And how much has Joe spent since in in office?? Don’t look to the people to pay the government debt since we have no say in how it is spent. Get rid of half the government employees and stop supporting them illegals and foreign countries.
3 people like this.
Reply 12 - Posted by:
LC Chihuahua 1/13/2023 4:05:48 PM (No. 1378017)
Surprise! Surprise!
People have been warning about this day coming for DECADES!
We are ruled by corrupt friggin' morons.
We cannot go on like this.
Perhaps the people we send to Washington to govern should actually do their jobs.
3 people like this.
Reply 13 - Posted by:
Starboard_side 1/13/2023 4:48:55 PM (No. 1378038)
First, those Senators and House Democrats didn't realize, or where aware of the impact of the spending would have on the National Debt Ceiling when they rushed the Omnibus package through?
Of course they did, just didn't care.
Second, from what I understand these "budgets" still have the Obama stimulus funding, and the more recent COVID funding included.
McCarthy should pass a House bill to prioritize funding (debt payments, military, social security and medicare) for any extraordinary measures employed. Do not let them use payments to granny as a tool to extract concessions which is what Schumer is likely already teeing up.
1 person likes this.
Reply 14 - Posted by:
montwoodcliff 1/13/2023 4:58:31 PM (No. 1378042)
Great time to cut spending. Get rid of all pork and foreign aid to the countries that hate us, and that includes all of Central America and Mexico except for Costa Rica, Panama, and Belize, and Africa. I would also cut that $1.7 trillion dollar "Porkulus" bill that McConnell loves so much.
1 person likes this.
Reply 15 - Posted by:
bad-hair 1/13/2023 5:09:47 PM (No. 1378049)
Your cards are up and the collection agents from Kyiv are knocking loudly on the door. Quick, raise the credit limit!
2 people like this.
Reply 16 - Posted by:
edgar 1/13/2023 5:19:41 PM (No. 1378052)
Thanks Mitch. Maybe you should have included the debt ceiling limit increase in the omnibus pork a palooza spending bill.
1 person likes this.
Reply 17 - Posted by:
bighambone 1/13/2023 5:39:11 PM (No. 1378058)
Without doubt when the default crap hits the fan, the “the big guy” Biden and the leftist Democrats will fraudulently blame Trump and the so-called extreme MAGA Republicans.
1 person likes this.
Reply 18 - Posted by:
stablemoney 1/13/2023 6:22:04 PM (No. 1378088)
I want to default on McConnell's 1.8 Trillion dollar spending bill.
2 people like this.
Reply 19 - Posted by:
rochow 1/13/2023 8:45:23 PM (No. 1378145)
Throw this old thing out, she is suffering from the same bidet dementia as the vegetable does in the WH! Ugly, old partisan hag!
2 people like this.
Reply 20 - Posted by:
mifla 1/14/2023 6:36:37 AM (No. 1378263)
OK, Kevin. You have some leverage. Let's see what you do with it.
0 people like this.
Reply 21 - Posted by:
JackBurton 1/14/2023 11:26:30 AM (No. 1378502)
You know, the debt limit is being reached because of all the money that (the previous) Congress authorized. A lot of that money hasn't been spent. Just cancel a lot of that spending.
I admit. "Extraordinary." But due, yes?
0 people like this.
Reply 22 - Posted by:
MickTurn 1/14/2023 11:48:47 AM (No. 1378523)
Just numbers to be manipulated, so what's the problem?
1 person likes this.
Reply 23 - Posted by:
DVC 1/14/2023 12:57:06 PM (No. 1378572)
I'd like to see a default. Send a shock through the system and maybe get a course change instead of kicking the bundle of dynamite down the road again.
0 people like this.
Reply 24 - Posted by:
retiredjag 1/14/2023 11:41:19 PM (No. 1378836)
Solution : Reduce Salary of non civil servant government workers/consultants to Average Monthly Social Security payment.
0 people like this.
Reply 25 - Posted by:
franq 1/15/2023 7:39:11 AM (No. 1378976)
We've heard this all before. It's not about money, exchange rates, interest, or even inflation any more. It's about whether a person or family has useful, employable skills - and the work ethic to use them to bring home the bacon (which I think is about $8/lb right now). All others will be left scrounging or waiting on government assistance.
0 people like this.
Reply 26 - Posted by:
franq 1/15/2023 8:34:33 AM (No. 1379036)
At the same time, I do not discount the Fed's ability to decree we all go to a digital currency. All for our own good, of course. I will not be surprised to wake up some morning to read a news item that we are mandated to convert our dollars into electronic currency. Cash will disappear. That will be disastrous.
0 people like this.
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