The federal government reached its $31.4 trillion borrowing cap on Thursday, Treasury Secretary Janet Yellen said as she begins “extraordinary measures” to stave off a default, while Republicans and the White House remain at an impasse regarding a deal on raising the debt limit.
The extraordinary measures also have a deadline, however: Yellen estimated the Treasury will run out of accounting tricks and reach its “X-date” by June 5, depending on how much revenue the government collects in tax receipts in the spring. Once the impasse is lifted, the retirement funds will be “made whole,” meaning that federal employees who have invested in them will not be affected.“The period of time that extraordinary measures may last is subject to considerable uncertainty,” Yellen wrote Thursday. “I respectfully urge Congress to act promptly to protect the full faith and credit of the United States.
sara_dorn _brittanylewis But we need to send billions in cash and weapons to make sure that war in Ukraine never ends...
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Will the federal government default on its debts? Five debt limit questions answeredThe federal government will reach its debt limit on Thursday. spending needs cut.... debt doesn't need increased... the govt needs to be more fiscally responsible with taxpayer monies... Typical gop under trump-run up bills, refuse to pay them and screw everyone else. They will blame the Dems & their voters will fall right in line w the lies fox news feeds. Unless youre rich, youre voting against your financial interests. Educate yourself & vote better next time
Source: PennLive - 🏆 463. / 53 Read more »
Debt ceiling showdown looms as federal government shifts to 'extraordinary measures' to pay billsSometime today, the U.S. is expected to reach its borrowing limit, teeing up a congressional showdown later this year with potentially devastating economic consequences. The people running are country are running it into the ground. BOTH parties Not making spending cuts would be devastating for the economy. I hope the government gets shutdown for 2 years straight. That would be the best solution.
Source: ABC - 🏆 471. / 51 Read more »
Yellen’s Treasury Dept. halts two federal retirement funds after government hits debt limitInvestments in two federal retirement funds will be suspended as part of ‘extraordinary measures’ More details please. What do these funds cover? Nice...boy am I glad I'm not relying on the government for my retirement, I can't even imagine how those retirees that put their whole lives into this country getting the short end of things And here comes the Biden spending pain.. enjoy America 🇺🇸 you voted for this…
Source: MarketWatch - 🏆 3. / 97 Read more »