Posted on 05/27/2023 7:32:34 PM PDT by SeekAndFind
Treasury Secretary Janet Yellen sent a letter to Congress on Friday, saying that the government will now have until June 5 before it runs out of money to pay its bills rather than the June 1 deadline she had announced.
"Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5," Yellen said, according to ABC News.
That allows congressional leaders a few more days to negotiate with the White House.
Congressional leaders were expected to vote early as Tuesday on increasing the debt limit as negotiators seemed to move closer to a deal just days before the so-called X date, when the government runs out of money.
House Speaker Kevin McCarthy, R-Calif., briefed reporters shortly before noon Friday on the ongoing negotiations with White House officials over raising the debt ceiling.
Should a deal emerge, the House could vote after leaders return from the long weekend on Tuesday, with the Senate following suit on Wednesday, said Edward Moya, a senior market analyst at New York brokerage OANDA.
On the South Lawn of the White House before his departure on Marine One to Camp David, President Joe Biden said "things are looking very good" with debt limit negotiations.
(Excerpt) Read more at upi.com ...
First she said July 1st then she moved it to June 1st now she says June 5th. Its all fake. She could hold off 6 months. They want the markets to panic a little. It helps move interest rates. This is all a propaganda ploy. Republicans mostly think that its all a scam. Democrats are the ones that believe. So McCarthy should hold tight. His voters won’t blame him for the panic. They will blame him for giving in.
Reminds me of an old bad joke. Goes something like,
Doctor tells a guy he has six months to live.
Guy tells Doctor, “I can’t pay my bill so soon!”
Doctor sez, “OK. A year — but no longer!!”
[Ba-DUM-tish!]
So if the US refuses to stop spending money it does not have, the US government defaults? There is a obvious solution to this, not that Congress or Biden will take it.
“31 U.S. Code § 3123 - Payment of obligations and interest on the public debt
(a)The faith of the United States Government is pledged to pay, in legal tender, principal and interest on the obligations of the Government issued under this chapter.
(b)The Secretary of the Treasury shall pay interest due or accrued on the public debt. As the Secretary considers expedient, the Secretary may pay in advance interest on the public debt by a period of not more than one year....”
https://www.law.cornell.edu/uscode/text/31/3123
She could have prepaid the interest for all of 2023, making default impossible in 2023.
Immediately shut down funding for ALL government agencies and programs not explicitly authorized in the Constitution and everyone wins... and no debt ceiling issues.
June 5.
D-Day.
Now supplanted by Default Day.
Sorry, heroes of Normandy.
America borrows $51,000 per second.
There is still over $300,000,000,000 in CoVID relief funds that haven’t been spent. Some of it is earmarked for upcoming programs, but the GOP wants to claw back 10% and the Dems are screaming bloody murder.
In 9 yrs Social Security will be cut by 25% because we simply won’t be able to afford it since generation X will be starting to retire.
We won’t be defaulting on our debt because that means we’re not making interest payments and that’s not going to happen. However, parks will be shut down, etc., because we won’t be paying for discretionary items if the Senate refuses to vote on the bill.
The House has passed the debt ceiling bill and now it’s just sitting in the Senate. He said Schumer is refusing to take it up until Joke gives him permission. So when they try to blame this on the GOP, it’s an outright lie.
Lastly, the date America is supposed to “default” has gone from June 1st until June 5th, which is another lie. Quarterly tax payments are due June 15th and that money will easily fund the budget for another 30 days. Yellen and all of DC knows this, but that will take away the sense of urgency of the issue for the Dems, which means they’re milking this purely for a political stunt.
.
McCarthy held all the cards - and he caved anyway!
What Fools!
.
.
Dems won on every issue.
Biden even got no more Debt Limit until after the Presidential Election,
The Republicans were the only ones that passed a bill - and McCarthy just threw away everything in that bill.
.
The lock upon my garden gate's a snail, that's what it is
The lock upon my garden gate's a snail, that's what it is (Oh yeah)
First there is a mountain, then there is no mountain, then there is
First there is a mountain, then there is no mountain, then there is
(Oh yeah, that's right)
[Verse 2] The caterpillar sheds his skin to find a butterfly within Caterpillar shed his skin to find a butterfly within (Yeah)
First there is a mountain, then there is no mountain, then there is (Yeah, yeah, right)
First there is a mountain, then there is no mountain
[Bridge]
Oh Janet, oh Janet, oh Janet, I call your name (Ah)
Cry me a bucket of tears Mellon (head).
Trump solved the problem by creating a booming, expanding US economy,......which Biden and his commie running dogs promptly destroyed.
We put Trump back in, and the Gen X problem will be solved.
Not to worry, the RINOs are already starting to cave.
You forgot to factor in the reality that they’ll NEVER allow Trump to be POTUS again. It was a fluke the first time because they didn’t cheat enough. They won’t make that mistake again.
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