Yellen warns of U.S. default risk by early June, urges debt limit hike

U.S. Treasury Secretary Janet Yellen speaks during her interview with Reuters in New Delhi, India, November 11, 2022. REUTERS/Altaf Hussain

"Once the limit is reached, Treasury will need to start taking certain extraordinary measures to prevent the United States from defaulting on its obligations," Yellen said in a letter to congressional leaders in which she urged lawmakers to act quickly to raise the debt ceiling. As of Wednesday, Treasury data showed that U.S. federal debt stood $78 billion below the limit, with a Treasury operating cash balance of $346.4 billion. The department on Thursdayan $85 billion December deficit as revenues eased and outlays grew, particularly for debt interest costs.

"The use of extraordinary measures enables the government to meet its obligations for only a limited amount of time," Yellen wrote to McCarthy and other congressional leaders.

The House GOP is 'planning to move a 'debt prioritization' measure by the end of March that would call on the U.S. Treasury to continue making certain payments once it reaches the debt ceiling, but details have not been finalized, a person familiar with the plan told Reuters.'

The people have been independent of any government since the Declaration of Independence. The people are not liable for government incurred debt. The people have been abandoning corrupt governments since 1776.

You cannot keep raising the debt ceiling. Much of the Omnibus is going to have to be deleted. Pretty simple. What average John Q Public has to do.

Man we cannot get off this train.

What the hell are they doing?! Does anyone in that administration have any basic economics knowledge at all? Oh that’s right, it’s by design.

The GOP are desperate to create an economic collapse.

How can that be when Biden reduced the deficit by over a trillion? Oh right, there is a difference between deficit and debt, and the new deficit increased the debt. I guess proudly proclaiming the debt was only increased by $1.4T doesn’t sound quite as catchy.

Before I came to USA, 2010, debt was about $13.5 trillion. Debt was $31.12 trillion as of 2022 while I was being Jailed, Locked in Psychiatric Hospitals, Bullied, Tortured, Poisoned and Raped. As God/Allah/Yahweh of USA I have a Debt of about $32 Trillion because of Incompetency

the rich needs to go broke

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