Why does the U.S. keep raising the debt limit?
Lebryk and his team would be expected to draft recommendations to Yellen and other political leaders laying out the options for managing an unprecedented default, according to former Treasury officials. “If that day comes, he would be in completely uncharted territory, with no guidebook,” Mazur said. “It would be up to him, and his team, to prepare the options of which bills to pay for Secretary Yellen.
“I could not, to this day, tell you his politics,” said Michael Falkender, who served as assistant secretary for economic policy during the Trump administration. Falkender worked closely with Lebryk when Treasury was tasked with figuring out how to send tens of millions of stimulus payments during theAdvertisement
The federal government makes 1.4 billion individual payments every year, on everything from worker and military personnel salaries to food safety inspectors and infrastructure grants to weapons contracts. Every day, on average, $185 billion flows in and out. The Treasury must make sure the money on hand exceeds the money going out every day.Lebryk breaks up his team by category, with some officials focused on spending, some on revenue, and some on debts.
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