Here's What You Can Expect to Happen When the US Government Hits the Debt Limit

Before World War I, Congress needed to approve each bond issuance. The debt limit was created as a workaround to finance the war effort without needing a constant series of votes.

By suspending the payments, the government can reduce the amount of outstanding debt. That enables the Treasury Department to keep financing government operations, according to Yellen’s letter. The measures were first deployed in 1985 and have been used at least 16 times since then, according to the Committee for a Responsible Federal Budget, a fiscal watchdog.There were $986 billion in net assets of the civil service and federal employees retirement funds at the end of fiscal 2021, according to a report by the Office of Personnel Management. The required government contributions to the funds are large enough to rely on these extraordinary measures for roughly five months.

Can congress repeal unspent pork on already approved legislation to keep the debt ceiling at it's current already ridiculous level?

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U.S. Treasury's Yellen, China's Liu to meet in Zurich for first in-person talksU.S. Treasury Secretary Janet Yellen will meet Chinese Vice Premier Liu He in Zurich on Wednesday for frank talks on the global economy, sovereign debt issues and climate change, as the world's biggest economies work to repair frayed relations. Does she think the Chinese care about the US to solve their economic collapse This is dumb Treasury secretary is also a climatologist. Amazing. A bunch of liars and thieves!
Source: Reuters - 🏆 2. / 97 Read more »