0 reactions
US could run out of cash by June 1, Janet Yellen said today
https://www.nytimes.com/2023/05/01/us/politics/debt-limit-date-janet-yellen.html
Janet Yellen, the US Treasury Secretary (and former Fed head) is saying that if lawmakers fail to raise or abolish the national debt limit, the US will likely run out of cash around June 1 - a month from now.
That means the United States wouldn't have enough money to pay its bills and would have to choose between paying government bonds, Social Security, military salaries and pensions, Medicare and Medicaid reimbursements, and a whole bunch of other important stuff.
All indicators are that it would be really, really bad for the economy. Republicans are trying to link raising the debt ceiling to spending cuts and undoing large parts of Biden's agenda that was passed last year, including cutting funding for renewable energy and other efforts to fight climate change, most likely a nonstarter.
So... what now? What do you think the odds are of a default actually happening? What would the impacts be? What would you like to see the government do? If they do run out of cash, how should they prioritize payment?
https://www.nytimes.com/2023/05/01/us/politics/debt-limit-date-janet-yellen.html
Janet Yellen, the US Treasury Secretary (and former Fed head) is saying that if lawmakers fail to raise or abolish the national debt limit, the US will likely run out of cash around June 1 - a month from now.
That means the United States wouldn't have enough money to pay its bills and would have to choose between paying government bonds, Social Security, military salaries and pensions, Medicare and Medicaid reimbursements, and a whole bunch of other important stuff.
All indicators are that it would be really, really bad for the economy. Republicans are trying to link raising the debt ceiling to spending cuts and undoing large parts of Biden's agenda that was passed last year, including cutting funding for renewable energy and other efforts to fight climate change, most likely a nonstarter.
So... what now? What do you think the odds are of a default actually happening? What would the impacts be? What would you like to see the government do? If they do run out of cash, how should they prioritize payment?
| 2,000 mlx | |
| 67 | |
| 0 |