US Will Default On National Debt By October, Warns Treasury Secretary

[DamianTV]

https://www.naturalnews.com/2021-09-09-us-default-national-debt-october-treasury-secretary.html

(Natural News) Secretary of the Treasury Janet Yellen has warned that the United States is on track to default on the national debt by October if the government does not do anything to raise the debt limit.

On Wednesday, Sept. 8, Yellen sent a letter addressed to House Speaker Nancy Pelosi, House Minority Leader Kevin McCarthy, Senate Majority Leader Charles Schumer and Senate Minority Leader Mitch McConnell.

In the letter, Yellen warned that the Department of the Treasury is running out of money. She added that the department was also running out of “extraordinary” measures it can use to keep the federal government within its legal borrowing limit. Without any action from Congress or the White House, the country will reach this limit by next month.

The so-called extraordinary measures Yellen is using have been in place since the federal debt limit was reimposed on Aug. 1 after being suspended for two years in July 2019.

The debt limit is the amount of money Congress allows the Treasury Department to borrow to keep the federal government running. When it was suspended, the public debt stood at around $22 trillion. When the limit was reinstated, it was reset to $28.4 trillion, which was the country’s current existing level of debt.

“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,” Yellen warned.

Yellen was unable to say specifically when in October the Treasury Department would no longer be able to keep the federal government funded.

Without action from Congress or the White House, the U.S. could end up being unable to pay off its debts. This would send debilitating shockwaves through the world’s fragile financial systems. (Related: CORRUPT: Treasury Secretary Janet Yellen taking massive bribes and payoffs disguised as “speaking fees.”)

The Treasury Secretary is demanding that Congress act immediately to deal with the debt.

“Waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers and negatively impact the credit rating of the United States,” she claimed.

Yellen even tried to plead with Congress by using the Wuhan coronavirus (COVID-19) pandemic.

“At a time when American families, communities and businesses are still suffering from the effects of the ongoing global pandemic, it would be particularly irresponsible to put the full faith and credit of the United States at risk,” she said.

Democrats still unsure how to pass debt limit increase

Yellen pointed out that some recent measures proposed to address the debt limit have enjoyed broad support among both Republicans and Democrats alike.

But GOP leaders have said they will refuse to support any effort from the Democratic Party to deal with the debt limit by attaching it as a provision to an emergency budget bill that Congress will need to pass before the start of the budget year on Oct. 1. Such emergency legislation is necessary to avoid a government shutdown.

Republicans are daring Democrats to attach a debt limit increase to its $3.5 trillion infrastructure plan. The Democrats are hoping to pass this plan in a way that would bypass the Senate filibuster. This way, the Democrats can pass it without any Republican votes.

The Democrats are hoping to pass the infrastructure plan through a process known as “budget reconciliation.” This process does not require the Democrats to get 60 votes from the Senate to bypass the filibuster. This means they can pass it without any support from Senate Republicans.

But Pelosi insisted on Wednesday that the Democrats will not use the reconciliation measure to pass an increase in the debt limit.

She tried to appeal to the Republicans by saying that the Democrats supported lifting the borrowing limit during former President Donald Trump’s term “because it’s the responsible thing to do.”

“I would hope that the Republicans would act in a similarly responsible way,” she added.

Learn more about how close the United States is to defaulting on its debt by reading the latest articles at DebtCollapse.com.

First, they do this shit every year. Next, we can only kick the can down the road for so long.

We have hit hyperinflation.

Perhaps this is why there is such a push for these fucking Vaccine Murder Weapons, is it a DISTRACTION FROM THE ECONOMIC COLLAPSE?

Our economy is going to cave at some point.

The rest of the world is already taking steps to distance itself from the US Dollar as its Reserve Currency. Why? The idiots in charge who cant even speak half the time cant think clearly already. What makes us think they have any ability to handle complex financial transactions?

So I think the REAL question here to ask is the MANDATORY VAXTERMINATION a cover up for WORLD WIDE ECONOMIC COLLAPSE?

 

[69360]

Who cares anymore. The government has already proven that they can just print money eternally and raise the debt limit eternally.

 

[acptulsa]

So I think the REAL question here t...people. That's been obvious for a while now.

 

[PAF]

I'm gonna buy me an island for 20 U.S. Pesos

 

[devil21]

.gov and FedRes fiscal years end Sep 30. If nothing in place by then to fund the next fiscal year and cash balance runs out, it's a default and official bankruptcy, but with a strange twist since .gov is technically already bankrupt and has been since 1930, hence why all money is debt/IOUs. This is actually the end of a 91 year bankruptcy, not necessarily the start of a new one. Same for most countries involved in WWI. It's a strange situation. This is why the shift to FedCoin CBDC and abolition of paper cash (the old bankruptcy based system) at the purely fiscal/monetary level. The control aspect of CBDC is a perk but isn't the main reason. This period is why you hold metals! They maintain constant value as currency systems undergo upheavals and allow you to take the value of your labor to the other side (ancient symbolism of gold and silver as constant value....the sun and the moon). I expect the Fed will take ownership of all .gov gold as payment for the 90 years of debt/IOUs and declare it as backing for the CBDC. Hence why Yellen jumped from Fed to Treasury. She is the coordinator of the movement of national gold from .gov to the bankers....or at least the end stage of it, if you believe they've been raiding the gold all along.


Bit of history context: WWI countries all declared bankruptcy at roughly the same time, after the bankers engineered the war (after the Fed was established and gold standard still in effect). Bankers then got their politician puppets to enter into agreements with the banks to fund operations through ongoing debt issuance to the banks, called the Public Debt, which eventually turned all money into debt-based currency instead and turned over custodianship of national gold to the Fed as collateral, along with the people's labor. Been that way ever since. Few years after bankruptcy was the gold buyback program in 1933, falsely called a confiscation since people were paid for their gold, which forced the people to deal only in banker issued currency instead of constitutional hard money. What we're seeing now is the end of what started way back then.

 

[oyarde]

I'm gonna buy me an island for 20 U.S. Pesos

The old 1921 - 1931 Mexican gold 50 peso was 1.2 ounces of gold.LOL

 

[jmdrake]

Good. Maybe this will stop the abomination that is the infrastructure bill.

 

[Invisible Man]

OK? So, they'll just raise the debt limit again. Same as always.

No, it can't go on forever. But it stopped being news about 12 debt limit raises ago.

 

[acptulsa]

Good. Maybe this will stop the abomination that is the infrastructure bill.

Not a chance. The order of the day is, print it, give it to your cronies, and demand your kickback in gold.

 

[oyarde]

Good. Maybe this will stop the abomination that is the infrastructure bill.

I'm thinking not increasing the debt limit would be the only way to stop that four more trillion.