On Friday, Joe Biden’s U.S. Department of the Treasury Secretary Janet Yellen announced the date when America will run out of cash unless Congress reaches an agreement on the debt ceiling.
“Since January, I have highlighted to you the risk that Treasury would be unable to satisfy all of our obligations by early June if Congress did not raise or suspend the debt limit before that time. In my letters, I also noted that I would continue to update Congress as more information became available,” Yellen wrote to House Speaker Kevin McCarthy (R-CA).
“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,” she continued.
“We will make more than $130 billion of scheduled payments in the first two days of June, including payments to veterans and Social Security and Medicare recipients. These payments will leave Treasury with an extremely low level of resources…. During the week of June 5, Treasury is scheduled to make an estimated $92 billion of payments and transfers, including a regularly scheduled quarterly adjustment that would result in an investment in the Social Security and Medicare trust funds of roughly $36 billion. Therefore, our projected resources would be inadequate to satisfy all of these obligations,” wrote Yellen.
Her previous letter to Congress noted that the date of default would be around June 1, but her Friday announcement frees up some more time for Congress to reach a deal.
Fox Business reported, “Republicans have so far been pushing for the provisions passed in their Limit, Save, Grow Act, which would reduce federal spending by $150 billion from this year into the next, tighten work requirements for federal benefits and roll back key Biden administration policies. In exchange, the bill would lift the debt limit by $1.5 trillion or through March 2024, whichever benchmark is hit first.”
America won’t run out of money if you quit handing big money to Ukraine!! We’re not helping the people of Ukraine -we’re protecting Biden regime’s ILLEGAL interests!
It is just like Tom said. STOP sending money to Ukraine, and also stop spending huge amounts of money on PORK that most all Politicians support. Of course they support them, because the money doesn’t come out of their pockets. The American people are sick and tired of the wasteful spending in Washington DC then saying if the debt celiling isn’t raised with no cuts to spending, then the ones to suffer will be the people not the politicians. It is time the Politicians and Biden suffer what they have wrought on all of us.
1. Not one penny leaves our shores until WE THE PEOPLE needs are met absolutely first – and we clean up our ‘act’ before trying to clean up some other country’s mess. 2. Make a serious effort to hire way more ‘hearing examiners’ and processors to make a real effort to vet people who deserve to come here legally… i.e. increase the ability of our embassies to handle applicants in their own country instead of making these deadly trips to cross illegally. 3. Get serious about waste (this includes the Green Deal farce. Far more truly green options have been available here for decades, but apparently there are not enough kickbacks to make them profitable for the elites who currently rule our land. (Greenland used oil drilling technology as part of their geothermal setup – they are 100% ‘green’. Therefore, the technology has already been developed). Also, remember who is at the top of the food-chain. It ‘ain’t’ bugs. 3. Remember folded into our military budget is numerous countries who have depended on us to BE THEIR military budget. Try bringing our bringing our boys, girls, equipment HOME, and protect OUR borders for a change (instead of OTHER country borders) we would see a HUGE drop in our military budget. A military that could more economically protect us, – the corps of engineers could do wonders with our urgently needed refurbishing of various town/city infrastructures. The vast majority of our politicians, currently in office, could not survive if they had to ‘step down’ to the way WE THE PEOPLE live.
ALL SO TRUE!