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.


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Alfie
Alfie
9 months ago

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.

Dan
Dan
9 months ago
Reply to  Alfie

Have you ever heard of criminal dumbocraps?

Pgb
Pgb
9 months ago
Reply to  Dan

Sounds redundant to me!

Richard Hennessy
Richard Hennessy
9 months ago
Reply to  Alfie

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.

Madeleine
Madeleine
9 months ago

Best thing to do with Alfie is ignore him. These corrupt Politicians dont believe in God, they are Luciferins

Big Schlong
Big Schlong
9 months ago
Reply to  Alfie

Have you ever had a Catholic put his foot in your ass

William J de Seve
William J de Seve
9 months ago
Reply to  Alfie

Alfie…have you seen the other guy who believes as you do? Can’t remember his moniker.

Fred
Fred
9 months ago
Reply to  Alfie

Yet the Catholic Church has more assets than deep,state.

Fred
Fred
9 months ago
Reply to  Alfie

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!”

David Baker
David Baker
9 months ago

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.

Dan
Dan
9 months ago
Reply to  David Baker

The dumbocraps gave us away to the IMF.

David Baker
David Baker
9 months ago
Reply to  Dan

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.

Timothy Colbath
Timothy Colbath
9 months ago

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?

Mick Litzinger
Mick Litzinger
9 months ago

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.

David Baker
David Baker
9 months ago

Agreed.