Gerald R. Ford School of Public Policy via Flickr

Joe Biden’s Treasury Secretary, former Federal Reserve Chairperson Janet Yellen, is now predicting the US could default on its national debt by October of this year.

As The Hill reports:

Treasury Secretary Janet Yellen on Wednesday warned congressional leaders that the U.S. is on track to default on the national debt in October if the White House and Congress are unable to raise the debt limit.

In a Wednesday letter, Yellen said that the Treasury Department would likely run out of cash and exhaust “extraordinary” measures to keep the federal government within its legal borrowing limit at some point next month.

“Once all available measures and cash on hand are fully exhausted, the United States of America would be unable to meet its obligations for the first time in our history,” Yellen said.

“Given this uncertainty, the Treasury Department is not able to provide a specific estimate of how long the extraordinary measures will last. However, based on our best and most recent information, the most likely outcome is that cash and extraordinary measures will be exhausted during the month of October,” she continued.

In spite of the high stakes, so far Democrats and Republicans in the Congress are still at loggerheads over a deal which would allow the US to continue to pay its debts.




Comments

  1. Biden is a CATHOLIC TRAITOR. Pelosi is a CATHOLIC TRAITOR. SCOTUS is now CATHOLIC.
    Have you ever heard of a CATHOLIC “C” nation that has not overspent?
    Have you ever heard of a CATHOLIC “C” nation that is not corrupt?\
    Have you ever heard of a CATHOLIC “ C” nation that has honest elections?
    Have you ever heard of a “C” nation that is successful?
    Have you ever heard of a “C’’ nation where the populace is educated?
    Have you ever heard of a “C” nation that does not need to ‘export’ the illiterate ILLEGAL ALIEN CATHOLIC “C” INVADERS?
    Vote for ANY CATHOLIC “C” and you vote for a traitor.
    Vote for ANY CATHOLIC “C” and the borders will never be secured.

    1. Neither Biden nor Pelosi is really a Catholic. They only claim to be so for political purposes. Only other “Catholics” who aren’t really Catholics vote for them.

    2. I remember as a teen going to Sunday mass. Monsignor would start his sermon:
      ”Dearly beloved in Christ we are here today to COLLECT MONEY!”

  2. Not only should we default, but we should repeal the Federal Reserve Act, and repudiate that debt. Congress is authorized under the Constitution to coin our money, and regulate its value. Somehow (And we KNOW how…) our government was cajoled (coerced) to enslave Americans to foreign banks.

      1. Many of your ‘dumbocraps’ were ‘influenced’ (I call it “Epsteined”) to promulgate and ratify legislation that countered their proposals and objections. It is now known that Woodrow Wilson was ‘coached’ to sign the Federal Reserve Act into law, to his great regret. Other draconian and Un-Constitutional measures would also be prompted after such influences were applied.

  3. Yet somehow Beijing Joe just keeps SPENDING money on foreign nations. Stop all foreign assistance immediately. Stop building walls and border barriers in Foreign countries immediately. Stop flooding our country with “refugees” from over 100 countries flowing across our southern border. But hey – bankruptcy of America is better than mean tweets – right?

    1. I agree. Why do we continue to borrow money from China pay interest and give it to other countries as a gift. Never made sense to me.

    1. ‘Seems that way. Hyper-inflation is on the horizon, and with so many of our businesses moving overseas, while this pandemic is causing the remaining firms to shut down, it looks like Venezuela will have company in their misery.

  4. More great leadership from someone that should not be in the job she has! Janet Yellen should be in charge of the treasury like Al Capone should have been the head of the FBI.

    1. and we never had Socialist running the Government, this is what happens when you run out of other peoples money. Venezuela coming to America.

      1. The question being; Why would we sit back and allow our government to impoverish our nation in the same manner as Venezuela? They’re not supposed to bankrupt our treasury, nor fret and spin about foreign conflicts. There’s no Constitutional provision for our leaders to arrange for our jobs to be sent overseas, or hamstring us with foreign energy sources, food and other staples. Are we just lemmings who listen to Globalists dictate what we will do with our nation and our people? Perhaps we deserve what’s coming to us.

  5. All communist democrat cult members should resign or be thrown out of all offices for destroying our America!
    period.

    1. You should read Dr. Day’s book; “The Deliberate Destruction of America and the World. Who’s Doing It and Why”. These people are much worse than you think.

  6. https://americanactionnews.com/government/2021/09/08/biden-treasury-secretary-claims-us-on-track-to-default-on-debt-by-october-2021/
    Congress has the Constitutional authority to coin money and regulate it’s value.
    They have ALWAYS had that authority and could exercise it any time they chose.
    We should have dumped the Federal Reserve 100 years ago.
    We should default on the loans and tell the Central World Banks and the International Monetary Fund to stuff their debt clear up their crooked greedy asses.
    We borrow money, give it away by the billions to foreigners, and then raise taxes to pay the interest on the loans only to constantly repeat the cycle.
    What the hell is wrong with our lawmakers?

  7. https://americanactionnews.com/government/2021/09/08/biden-treasury-secretary-claims-us-on-track-to-default-on-debt-by-october-2021/
    Congress has the Constitutional authority to coin money and regulate it’s value.
    They have ALWAYS had that authority and could exercise it any time they chose.
    We should have dumped the Federal Reserve 100 years ago.
    We should default on the loans and tell the Central World Banks and the International Monetary Fund to stuff their debt clear up their crooked greedy rearage.
    We borrow money, give it away by the billions to foreigners, and then raise taxes to pay the interest on the loans only to constantly repeat the cycle.
    What the heck is wrong with our lawmakers?

  8. When Yellen was at Fed making inflationary policies years ago. She can not add 2+2 and get 4. Yet, as with ever cabinet post in this CCP fraud administration, they managed to scrap below bottom of cess pool for the utterly worst possible maggot for the job. In every post, they hunted for the least quailed, most inept, guaranteed doomed to fail pile of shit. Janet is one of the most inept in totally useless administration.

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