11/17/2021- 10:38 a.m.
US Debt Disaster: Fed Govt Unable to Pay Bills by mid-December, warns Yellen
US Treasury sec. Janet Yellen has written to Congress in a desperate bid to urge lawmakers to either raise or suspend the borrowing limit to avoid a potential recession describing the situation as “critical.”
Yellen stated the Fed govt could be unable to meet payments by as soon as Dec. 15. The Bipartisan Policy Center estimated last month that If action was not taken social security payments and military paychecks could be at risk.
Congress recently raised the statutory debt limit by $480 billion, but this appears to have been a short-term fix, Republicans are now calling for Biden to act to find a long-term solution.
Maybe someone needs to start looking behind the sofa?
