Yellen says early June is 'hard deadline' for raising debt limit, warns bills will go unpaid

[Yo_Mama_Been_Loggin]

Treasury Secretary Janet Yellen said Sunday that early June is a "hard deadline" for the federal government to raise the debt ceiling and warned that bills will go unpaid if Congress fails to reach a deal before the U.S. runs out of money, in an exclusive interview on “Meet the Press.”

“I indicated in my last letter to Congress that we expect to be unable to pay all of our bills in early June and possibly as soon as June 1. And I will continue to update Congress, but I certainly haven’t changed my assessment,” Yellen said. “So I think that that’s a hard deadline.”

Asked by NBC News' Chuck Todd if the country can stretch to June 15, when more tax payments are due, before defaulting on its debts, Yellen said the possibility is "quite low."

"Well, there’s always uncertainty about tax receipts and spending," she said. "And so it’s hard to be absolutely certain about this, but my assessment is that the odds of reaching June 15th, while being able to pay all of our bills, is quite low."

https://www.yahoo.com/news/yellen-says-early-june-hard-164844800.html

[Docjohnson]

1. Republicans

Can't manage budgets. They always fall apart when they get even a trivial amount of power. This will be their undoing

[Snooper9]

2. McCarthy would rather this pass and move on to "BS" social issues

But magats will milk this to the final hours...

Just a premonition.

[marble falls]

4. "... to the final hours and then just roll over after they realize thay haven't 'energized' voters:

... They've pissed them off. They went to the default well just one too many fucking times.

[marble falls]

8. They'll milk it until they cave before it's too late. Joe Biden got this!

[gopiscrap]

12. welcome to DU

[sakabatou]

3. Now watch as Repukes blame Democrats for the crisis.

[Prairie_Seagull]

5. The R's in the house need to be knocked back on their hind legs but I fear-

McCarthy wants to keep his speaker-ship and will fight for at least minimal concessions to do so.

[Chainfire]

6. If the default happens the first order of business should be shutting the power and water off

to the Capitol and Supreme Court.

[marble falls]

9. Why cut off power to the whole Congress? Democrats got things to do.

[LiberalFighter]

7. They should make sure that Social Security and Medicare is paid for

since 1) Social Security should be in a separate account that should not be touched by Congress to pay other bills, 2) Medicare was also deducted from current retirees when they were working and the Part B premiums is paid monthly by retirees and should also not be touched by Congress to pay other bills.

[GregariousGroundhog]

10. That's not really the way accounting works though

Large organizations maintain a general ledger and will create subledgers for various parts of the organization. In the case of the federal government, the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund would be two subledgers on the government's general ledger. Even though they exist as subledgers, benefits are still drawn from the federal government's account at the Federal Reserve.

[SouthernDem4ever]

11. Ok do that then

They should still cover it.