Yellen Warns Congress of Cash Supply Running Out Around Oct. 18

Treasury Secretary Janet Yellen warned that her department will effectively run out of cash around Oct. 18 unless Congress suspends or increases the federal debt limit, putting pressure on lawmakers to avert a default on U.S. obligations.

“Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18,” Yellen said in a letter Tuesday to congressional leaders. Yellen said separately at a Senate hearing on Tuesday that “catastrophic” results would follow a failure to address the debt limit, including a “financial crisis” and recession.

Yellen’s latest timeline is somewhat sooner than many on Wall Street anticipated, and her warning intensified signs of financial market concern amid an impasse between Republicans and Democrats on addressing the debt ceiling. Yields on Treasury bills maturing around Oct. 18 rose more than those on other securities. A broader selloff in Treasuries contributed to the biggest slump in equities since May.

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[moeji]

I’m sure they will find enough to keep Ukraine kicking.

[britterstlife]

maybe you should have actually done your job and distributed the wealth in this country properly and not avoided taxing the rich

[frozengansit]

at some point you cant kick the problem further down the road. Welp we're fucked. nice knowing you

[elangbam]

Why worry USA govt. Will simply print more paper money😂

[skims]

How can do you make the economy stronger. All your doing is kicking the can. Printing money out of thin air. You have done this deliberately

[aweflix]

You’re not building a stronger economy by getting more in debt. Maybe should dip into the money she made with those stakes she had in the GameStop fiasco.

[maxthc]

I guess you shouldn’t have borrowed and spent all that money. You can’t even pay the j tweets on the debt now and your bills at the same time. Insanity

[kissthesky]

Yet the dont talk about the billions the military has no clue where it went

[SaveznaRepublikaJugoslavija]

I have an old silver dollar from 1923. Without collector’s value (Just the actual silver) it is worth 21.65 2021 dollars. And this coin has a face value of one dollar. Good luck against the default guys

[milavm]

Print money for your own expenses, and stop obligating people to participate on this nonsense. People are tired of maintaining your love affair with central banks. I rather look to find something else to exchange the goods and services I use and create. Not interested in your failed system.

[jessejamess.]

When should we pull out of the stock market

[mastodonxrp]

Debt to GDP has never been this high. At what point will action be taken to reign in this debt free for all? 200% above GDP? 300% above GDP?

[jorymiller]

What’s the point of a debt ceiling? Maybe America should admit to it’s new identity first by not pretending it has a budget and second by embracing the extraordinary ability to print money at will. 🦋