If America doesn’t extend her debt limit, she will be defaulting on her debts, Treasury Secretary Janet Yellen warns. With the DNC currently pushing massive new spending, one would imagine this is something that congress is sure to get done.
US Treasury Secretary Janet Yellen has urged Congress to act quickly to raise or suspend the debt limit, warning that the United States is on track to default on the national debt in October.
In a letter on Wednesday, Yellen said that the Treasury Department would likely run out of cash and exhaust “extraordinary” measures next month. She wrote the letter to Speaker Nancy Pelosi (D-Calif.), House Minority Leader Kevin McCarthy (R-Calif.), Senate Majority Leader Charles Schumer (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-Ky.).
“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 said.
“Given this uncertainty, the Treasury Department is not able to provide a specific estimate of how long the extraordinary measures will last. However, based on our best and most recent information, the most likely outcome is that…