Treasury Secretary Janet Yellen updated her guidance Monday on when the United States could run out of money to pay the bills, warning congressional leaders that the nation could default as soon as June 1, the same date she projected in her letter to Congress two weeks ago.

White House and congressional leaders only recently started negotiating over the debt limit, but a deal has not yet been reached, and now that June 1 date is just two weeks away. 

"[W]e still estimate that Treasury will likely no longer be able to satisfy all of the government's obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1," Yellen wrote.

Yes we know.

But social security recipients should know their checks will be prioritized.

However if the default happens the dollar and stock market will tank and there will be a global impact.

Let's hope Biden's financial ineptitude doesn't crash the world stock markets.

 

The US defaulting on it's debt would be a disaster.

This is news? Is it not the same every year where they just raise the debt ceiling at "the last moment"?

2 minutes ago, JonnyF said:

Let's hope Biden's financial ineptitude doesn't crash the world stock markets.

 

The US defaulting on it's debt would be a disaster.

It's not Biden who is threatening a debt ceiling crisis. Out of all the countries in the developed world, only America has this debt ceiling limitation. Let's hope that the 14 Amendment puts an end to this nonsense.

4 minutes ago, JonnyF said:

Let's hope Biden's financial ineptitude doesn't crash the world stock markets.

 

The US defaulting on it's debt would be a disaster.

The fascist Republican party that grew much of the debt is the party threatening the blowup. Their dear leader trump is cheerleading for such a catastrophe. This is about existing debt.

 

Obviously debate and compromises over future budgets is totally normal and legit.

1 minute ago, Jingthing said:

The fascist Republican party that grew much of the debt is the party threatening the blowup. Their dear leader trump is cheerleading for such a catastrophe. This is about existing debt.

 

Obviously debate and compromises over future budgets is totally normal and legit.

It's about raising the debt ceiling I.e. increasing debt due to a classic failing of left wing governments that spend money it doesn't have.

 

PS adding the word fascist to every post does nothing for your credibility. 

21 minutes ago, JonnyF said:

Let's hope Biden's financial ineptitude doesn't crash the world stock markets.

 

The US defaulting on it's debt would be a disaster.

Of course if BOTH the Democrats and the GOP worked in favour of the country and the people it would be so much easier.

 

However, the GOP keeps playing its own silly game, so there is NO progress.

17 minutes ago, billd766 said:

Of course if BOTH the Democrats and the GOP worked in favour of the country and the people it would be so much easier.

Agreed.

 

17 minutes ago, billd766 said:

 

However, the GOP keeps playing its own silly game, so there is NO progress.

I'm sure the Republicans will bail them out eventually for the sake of the world economy. But the same as when dealing with children you have to make them realise the implications of their actions before immediately covering their mistakes for them.

38 minutes ago, JonnyF said:

It's about raising the debt ceiling I.e. increasing debt due to a classic failing of left wing governments that spend money it doesn't have.

 

PS adding the word fascist to every post does nothing for your credibility. 

The debt was created by both parties. 

Defaulting on the debt dramatically degrades the credibility of the entire country.

No decent or credible American should entertain that as a possibility or use it in a thuggish blackmail manner.

Not only is the republican party now a fascist party it is actively working to undermine our fragile American democracy.

6 minutes ago, JonnyF said:

Agreed.

 

I'm sure the Republicans will bail them out eventually for the sake of the world economy. But the same as when dealing with children you have to make them realise the implications of their actions before immediately covering their mistakes for them.

Blame breaks evenly if government defaults on debt, despite preference for Biden's position: POLL

https://abcnews.go.com/Politics/blame-breaks-evenly-government-defaults-debt-despite-preference/story?id=99085759

 

A divided country imop! I trust the Gop to work it out! Imop

8 minutes ago, JonnyF said:

Agreed.

 

I'm sure the Republicans will bail them out eventually for the sake of the world economy. But the same as when dealing with children you have to make them realise the implications of their actions before immediately covering their mistakes for them.

What's riskier this time?

The fascist Republican leader trump is openly advocating default.

The weak republican house leader McCarthy made a deal to get his tiny power with the most fascist segment of his party led by the mad woman MTG where he loses power with just one vote.

So it's much harder for him to make a deal and not lose power and power is what he cares about not the country.

Why is the USA so far in debt?

 

I say, 'to h377 with other countries' and start putting the USD towards uses that directly affect the US citizens.

 

• Who cares if China wants to invade and rule Taiwan?
• Who cares if Israel and Palestine wants to kill each other?
• Protect the USA's borders and keep military expenses at a minimum.
• If public education is free and paid by the taxpayers then expel those that disrupt the education of those that are really seeking to learn.
• Stop paying disability benefits to those that are cheating the system.
• Stop aiding other countries when a natural catastrophe occurs. (At least stop the government spending for those occurrences.)

3 minutes ago, dingdongrb said:

Why is the USA so far in debt?

 

I say, 'to h377 with other countries' and start putting the USD towards uses that directly affect the US citizens.

 

• Who cares if China wants to invade and rule Taiwan?
• Who cares if Israel and Palestine wants to kill each other?
• Protect the USA's borders and keep military expenses at a minimum.
• If public education is free and paid by the taxpayers then expel those that disrupt the education of those that are really seeking to learn.
• Stop paying disability benefits to those that are cheating the system.
• Stop aiding other countries when a natural catastrophe occurs. (At least stop the government spending for those occurrences.)

The list is much longer than that.  I will say that there is rampant fraud in the system, e.g., medicare/medicaid, COVID relief...almost any large government program will have waste, fraud, and abuse.  Perhaps the biggest is DOD.  Not individual service people, but defense contractors and the like.  We can reduce the military budget by $100 billion and have minimal impact to readiness. 

19 minutes ago, Berkshire said:

The list is much longer than that. 

I couldn't agree more.

 

I didn't want to generate pages upon pages, but just note a few at the top of my head.

21 hours ago, JonnyF said:

It's about raising the debt ceiling I.e. increasing debt due to a classic failing of left wing governments that spend money it doesn't have.

 

PS adding the word fascist to every post does nothing for your credibility. 

Wrong answer.  There is a separate time for negotiating the budget.  Now is the time to pay bills that were passed into law by Congress.  They're two different processes but of course the GOP likes to pull this stunt everytime there is a Democrat president.  If need be and rightwingers don't come to their senses Biden should invoke the 14th.

21 hours ago, JonnyF said:

Let's hope Biden's financial ineptitude doesn't crash the world stock markets.

 

The US defaulting on it's debt would be a disaster.

And just what ineptitude would that be?im sure you are well aware that 25% of our debt was throughout our history was created by one president in one term of four short years care to guess who that was?now there’s ineptitude on a massive scale!

Maybe if Biden learned how to cut spending in areas that does no good for the average American it might get passed.

29 minutes ago, vandeventer said:

Maybe if Biden learned how to cut spending in areas that does no good for the average American it might get passed.

Maybe if the GOP started to work for the USA instead of trying to score points all the time, the USA would be a better place than it is now.