D day June 1 2023?

signalmankenneth

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US could default on its debt as soon as June 1 if Congress doesn’t act, Yellen says

I want to see Biden and the democrat's stand firm on rising the debt limit, no conditions?!!

The debt limit was raised three times under Trump, with no conditions?!!

CNN —
The US could default on its obligations as soon as June 1 if Congress doesn’t address the debt limit before then, Treasury Secretary Janet Yellen said Monday.

“After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time,” Yellen wrote in a letter to House Speaker Kevin McCarthy.

The accelerated timetable increases pressure on President Joe Biden and House Republican lawmakers to ramp up their debt ceiling discussions. After months of talks being at a standstill, the president called all four congressional leaders on Monday afternoon and invited them to a May 9 meeting.

Yellen warned that the actual date that Treasury exhausts its ability to pay the government’s bills on time and in full could be “a number of weeks later than these estimates.” She noted that it’s impossible to pinpoint an exact date since the amount of revenue the federal government collects and the amount it spends is variable.

She will continue to update Congress as more information becomes available, but she reiterated that it’s “imperative” that lawmakers act as soon as possible.

“We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,” Yellen wrote.

“If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests,” she continued.

The Congressional Budget Office also updated its forecast on Monday, saying that there is a “significantly greater risk that the Treasury will run out of funds in early June” because of weaker-than-expected tax collections. It had originally projected that the default could happen between July and September.

https://www.cnn.com/2023/05/01/politics/debt-ceiling-yellen-congress-default/index.html

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I don’t think the debt really matters anymore. When the world finds it too problematic all the nations will simply reset it and start over.
 
Republican Debt-Ceiling Madness Is About to Begin Again


For those of you who don’t follow economics, or are too young to recall the political events of 2011 and 2013, the term “debt ceiling” refers to a statutory limit on how much the U.S. government can borrow. Ironically, Congress introduced the ceiling, more than a century ago, with the intention of making it simpler for the government to issue debt. For decades, it was increased regularly without much ado, but in the modern era it has been transformed by Republicans into a political weapon. When they are in power, they largely ignore it, concentrating on cutting taxes for the wealthy, bloating the budget deficit, and issuing mountains of public debt. (During the Trump Administration, more than roughly seven trillion dollars of additional debt was created, with much of it taking place during 2020, after the coronavirus pandemic began.) When Democrats occupy the White House, Republicans use the debt ceiling to demand spending cuts, and to hold the government, and the country, for ransom.


https://www.newyorker.com/news/our-...-debt-ceiling-madness-is-about-to-begin-again
 
If Janet Yelin said the sun would come up in the East tomorrow morning, I'd check with three reliable sources to make sure. That's where I stand on listening to her.
 
Republican Debt-Ceiling Madness Is About to Begin Again


For those of you who don’t follow economics, or are too young to recall the political events of 2011 and 2013, the term “debt ceiling” refers to a statutory limit on how much the U.S. government can borrow. Ironically, Congress introduced the ceiling, more than a century ago, with the intention of making it simpler for the government to issue debt. For decades, it was increased regularly without much ado, but in the modern era it has been transformed by Republicans into a political weapon. When they are in power, they largely ignore it, concentrating on cutting taxes for the wealthy, bloating the budget deficit, and issuing mountains of public debt. (During the Trump Administration, more than roughly seven trillion dollars of additional debt was created, with much of it taking place during 2020, after the coronavirus pandemic began.) When Democrats occupy the White House, Republicans use the debt ceiling to demand spending cuts, and to hold the government, and the country, for ransom.


https://www.newyorker.com/news/our-...-debt-ceiling-madness-is-about-to-begin-again

"Republicans?"

They passed a bill in the House that Schumer won't even consider and Biden said he'd veto. None of the Democrats have even proposed a bill yet. This is completely in the Democrat's end of the court to fix or fuck up now. If one doesn't get passed in time, it will be 100% the DEMOCRATS FAULT!
 
"Republicans?"

They passed a bill in the House that Schumer won't even consider and Biden said he'd veto. None of the Democrats have even proposed a bill yet. This is completely in the Democrat's end of the court to fix or fuck up now. If one doesn't get passed in time, it will be 100% the DEMOCRATS FAULT!

Nope the white xtian party tried that in the past, American electorate know their game, spend like drunks when in power and play the worried about the deficit game when Dems have the presidency
 
"Republicans?"

They passed a bill in the House that Schumer won't even consider and Biden said he'd veto. None of the Democrats have even proposed a bill yet. This is completely in the Democrat's end of the court to fix or fuck up now. If one doesn't get passed in time, it will be 100% the DEMOCRATS FAULT!

Good luck w/ that one.
 
US could default on its debt as soon as June 1 if Congress doesn’t act, Yellen says

I want to see Biden and the democrat's stand firm on rising the debt limit, no conditions?!!

The debt limit was raised three times under Trump, with no conditions?!!

CNN —
The US could default on its obligations as soon as June 1 if Congress doesn’t address the debt limit before then, Treasury Secretary Janet Yellen said Monday.

“After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time,” Yellen wrote in a letter to House Speaker Kevin McCarthy.

The accelerated timetable increases pressure on President Joe Biden and House Republican lawmakers to ramp up their debt ceiling discussions. After months of talks being at a standstill, the president called all four congressional leaders on Monday afternoon and invited them to a May 9 meeting.

Yellen warned that the actual date that Treasury exhausts its ability to pay the government’s bills on time and in full could be “a number of weeks later than these estimates.” She noted that it’s impossible to pinpoint an exact date since the amount of revenue the federal government collects and the amount it spends is variable.

She will continue to update Congress as more information becomes available, but she reiterated that it’s “imperative” that lawmakers act as soon as possible.

“We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,” Yellen wrote.

“If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests,” she continued.

The Congressional Budget Office also updated its forecast on Monday, saying that there is a “significantly greater risk that the Treasury will run out of funds in early June” because of weaker-than-expected tax collections. It had originally projected that the default could happen between July and September.

https://www.cnn.com/2023/05/01/politics/debt-ceiling-yellen-congress-default/index.html




OH MY ALLAH, if democrats can't keep borrowing and spending without restraint we will default..

LOL

Yellen is a liar and a scumbag.
 
Good luck w/ that one.

You're right. The Democrats are very good at blaming others for their fuck ups and making it stick. Doesn't change that the fuck up was the Democrat's fault, and that anyone paying attention should recognize that they shouldn't support or vote for Democrats as a result...
 
I don’t think the debt really matters anymore. When the world finds it too problematic all the nations will simply reset it and start over.

It does matter. It matters as much as if you decided to stop paying all of your bills even if you were the richest person in town.
 
Not if I could just cancel the debt I owe

But you can't. Those whom you owe the money would be upset and refuse to deal with you....or, like Trump lawyers, only work for you if paid in advance.

Can you imagine if the US government had to pay hard cash in advance?
 
But you can't. Those whom you owe the money would be upset and refuse to deal with you....or, like Trump lawyers, only work for you if paid in advance.

Can you imagine if the US government had to pay hard cash in advance?

You forget the power of the US.

If we simply default what is going to actually happen?

Is Panama going to bomb us?

Once we simply erase our debt so will Britain, Russia, and China followed by the rest of the world and we will just start again from zero for everyone.

There really is no reason to worry about the debt, it’s just a number on a piece of paper
 
You forget the power of the US.

If we simply default what is going to actually happen?

Is Panama going to bomb us?

Once we simply erase our debt so will Britain, Russia, and China followed by the rest of the world and we will just start again from zero for everyone.

There really is no reason to worry about the debt, it’s just a number on a piece of paper

What are we going to do when no one will trade with us? Invade? Nuke them? You aren't thinking this through.
 
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