You have commented 338 times on Rantburg.

Your Name
Your e-mail (optional)
Website (optional)
My Original Nic        Pic-a-Nic        Sorry. Comments have been closed on this article.
Bold Italic Underline Strike Bullet Blockquote Small Big Link Squish Foto Photo
Home Front: Politix
Treasury Reiterates Warning US Government Could Run Out of Money to Service Debt By October
2021-09-09
[EN.ALGHADEERTV.NET] The US government could run out of money as early as next month to service its debt, Treasury Secretary Janet Yellen said on Wednesday, reiterating her warning that emergency measures put in place to raise cash could be exhausted soon.

"Given this uncertainty, the Treasury Department is not able to provide a specific estimate of how long the extraordinary measures will last," Yellen said in a copy of her letter to Pelosi, released by the department. "However,
the way to a man's heart remains through his stomach...
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."

Yellen announced in August that the Treasury Department was suspending fully or partly investments in the Civil Service Retirement and Disability Fund, the Postal Service Retiree Health Benefits Fund, and a section of the Federal Employees Retirement to free up funds to service the national debt.

These were flexible investments that could be made in due course, and other US treasury secretaries have also suspended them as well in times of emergency, she said.

"Our estimates of the period of time that extraordinary measures will last have been refined in recent weeks, although they continue to be subject to considerable uncertainty due to the normal challenges of forecasting the payments and receipts of the US government, including the uncertainty in the level of corporate and individual taxes due September 15, heightened by the additional uncertainty due to the pandemic and related economic relief, and other factors," Yellen said. "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".

Posted by:Fred

#7  Spending less might help.
Posted by: Tom   2021-09-09 13:52  

#6  /\ I recommend B1, and B52 upgrade contracts be extended.
Posted by: Besoeker   2021-09-09 09:57  

#5  
How about lets start with the suspension of all Congressional, Executive office & staff pay, travel, and protective services. Until we have a balanced budget and a federal reduction in nonessential staff (RIF)?

Plus stop overseas spending and stop being the worlds Policeman all until we get our own house and borders in order.

Posted by: NN2N1   2021-09-09 09:55  

#4  Can't we just print more money? After all it worked for Zimbabwe .. er No wait ...Venezula...hang on..
Joe knows the answer "you know..the thing!"
Posted by: Warthog   2021-09-09 09:32  

#3  Perhaps they could lay off some non-essentials.
Posted by: Cesare   2021-09-09 08:07  

#2  How many times have we heard this?
Posted by: Croque Fliting8030   2021-09-09 04:09  

#1  How many times have we heard this?
Posted by: Croque Fliting8030   2021-09-09 04:09  

00:00