U.S. Treasury Secretary Warns — Again — About Breach Of Debt Limit
Photo by Alexander Schimmeck, courtesy Unsplash
U.S. Government Likely to Run Out Of Cash By October Without Act of Congress
September 9, 2021--U.S. Treasury Secretary Janet Yellen wrote another letter to leaders of Congress yesterday, pleading for lawmakers to authorize a higher level of government spending than the $28.7 trillion currently owed.
Having breached the last debt limit long ago, Treasury is relying on extraordinary measures, such as suspension of making payments to certain disability and benefits funds and thrift savings plans, to pay its bills.
Like Yellen's last letter in July, the Sept. 8 letter does not mention the amount of the current U.S. debt. Neither does it mention that the U.S. government surpassed the last debt limit of $22 trillion long ago.
Congre...