The United States has broken the tank again. The cash will run out in the middle of next month.
Date 17 Nov 2021 at 1:45 p.m.
The Treasury Department warns that cash will run out on Dec. 15 if Congress doesn’t raise the debt ceiling.
Bloomberg News reported that Treasury Secretary Janet Yellen sent a letter to House Speaker Nancy Pelosi warning that The cash in the US government’s treasury will run out on Dec. 15 if Congress cannot agree to raise or lift the debt ceiling by that date. As a result, the US government faces a major debt default.
Yellen previously predicted that the cash would run out by Dec. 3.
“While I am very confident that the Treasury can provide cash to the US government until Dec. 15, there is a possibility that the Treasury will not only have resources allocated to the government after that date.”
Yellen explained in the letter that The new deadline, Dec. 15, involves a settlement of the $550 million infrastructure budget law that President Joe Biden signed Monday (Nov 15), which requires the Treasury Department to transfer funds. $118 million to the Highway Trust Fund within a month of the law taking effect, Dec. 15
There is still time for Congress to talk about the debt ceiling. But it’s not clear how Democrats will proceed. As Republicans, including Senator Mitch McConnell, Republican Minority Leader in the Senate repeatedly reiterated that they would not help Democrats raise the debt ceiling.
Yellen, Federal Reserve Chair Jerome Powell and other economists warned that Even a temporary default will send the bond market into chaos. increase US borrowing costs and undermine the credibility of the United States.
Photo by SAUL LOEB / AFP
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