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Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation

 
Anonymous Coward
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05/26/2023 07:05 PM
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Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
Also, after demands from Republicans to show financial numbers to back up her deadline, Yellen included some in her letter.

WASHINGTON (@CNN) — US Treasury provides new **June 5th** X-date as negotiations continue over debt ceiling impasse. Full letter from Secretary Yellen to Speaker McCarthy here: pic.twitter.com/MNmuXeU5kz

— Mike Valerio (@ValerioCNN) May 26, 2023

Dear Mr. Speaker:

I am writing to follow up on my previous letters regarding the debt limit and to provide additional information regarding the Treasury Department’s ability to continue to finance the operations of the federal government. Since January, I have highlighted to you the risk that Treasury would be unable to satisfy all of our obligations by early June if Congress did not raise or suspend the debt limit before that time. In my letters, I also noted that I would continue to update Congress as more information became available. Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5.

We will make more than $130 billion of scheduled payments in the first two days of June, including payments to veterans and Social Security and Medicare recipients. These payments will leave Treasury with an extremely low level of resources. During the week of June 5, Treasury is scheduled to make an estimated $92 billion of payments and transfers, including a regularly scheduled quarterly adjustment that would result in an investment in the Social Security and Medicare trust funds of roughly $36 billion. Therefore, our projected resources would be inadequate to satisfy all of these obligations.

Yesterday we used an additional extraordinary measure that Treasury has employed in a number of past debt limit episodes: a swap of approximately $2 billion of Treasury securities between the Civil Service Retirement and Disability Fund and the Federal Financing Bank. While this measure has not been used since 2015 due to its limited size, the extremely low level of remaining resources demands that I exhaust all available extraordinary measures to avoid being unable to meet all of the government’s commitments.

We have learned from past debt limit impasses that 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. In fact, we have already seen Treasury’s borrowing costs increase substantially for securities maturing in early June. If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.

I continue to urge Congress to protect the full faith and credit of the United States by acting as soon as possible.

Sincerely,

Janet L. Yellen

Identical letter sent to:

The Honorable Hakeem Jeffries, House Democratic Leader

The Honorable Charles E. Schumer, Senate Majority Leader

The Honorable Mitch McConnell, Senate Republican Leader

[link to www.thegatewaypundit.com (secure)]
Anonymous Coward
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05/26/2023 07:25 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
Also, after demands from Republicans to show financial numbers to back up her deadline, Yellen included some in her letter.

WASHINGTON (@CNN) — US Treasury provides new **June 5th** X-date as negotiations continue over debt ceiling impasse. Full letter from Secretary Yellen to Speaker McCarthy here: pic.twitter.com/MNmuXeU5kz

— Mike Valerio (@ValerioCNN) May 26, 2023

Dear Mr. Speaker:

I am writing to follow up on my previous letters regarding the debt limit and to provide additional information regarding the Treasury Department’s ability to continue to finance the operations of the federal government. Since January, I have highlighted to you the risk that Treasury would be unable to satisfy all of our obligations by early June if Congress did not raise or suspend the debt limit before that time. In my letters, I also noted that I would continue to update Congress as more information became available. Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5.

We will make more than $130 billion of scheduled payments in the first two days of June, including payments to veterans and Social Security and Medicare recipients. These payments will leave Treasury with an extremely low level of resources. During the week of June 5, Treasury is scheduled to make an estimated $92 billion of payments and transfers, including a regularly scheduled quarterly adjustment that would result in an investment in the Social Security and Medicare trust funds of roughly $36 billion. Therefore, our projected resources would be inadequate to satisfy all of these obligations.

Yesterday we used an additional extraordinary measure that Treasury has employed in a number of past debt limit episodes: a swap of approximately $2 billion of Treasury securities between the Civil Service Retirement and Disability Fund and the Federal Financing Bank. While this measure has not been used since 2015 due to its limited size, the extremely low level of remaining resources demands that I exhaust all available extraordinary measures to avoid being unable to meet all of the government’s commitments.

We have learned from past debt limit impasses that 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. In fact, we have already seen Treasury’s borrowing costs increase substantially for securities maturing in early June. If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.

I continue to urge Congress to protect the full faith and credit of the United States by acting as soon as possible.

Sincerely,

Janet L. Yellen

Identical letter sent to:

The Honorable Hakeem Jeffries, House Democratic Leader

The Honorable Charles E. Schumer, Senate Majority Leader

The Honorable Mitch McConnell, Senate Republican Leader

[link to www.thegatewaypundit.com (secure)]
 Quoting: Anonymous Coward 85163141


aww, aint't she sweet...
Anonymous Coward
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05/26/2023 10:21 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
bitchesbetrippinTupac-TN
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05/26/2023 10:24 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
Captain Kangaroo says the limit will hit June 1. Then she says it will hit June 5. Based on what? Just let it hit the limit. There are no more funds for congresscreeps to launder.
Let it crash.
Anonymous Coward
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05/26/2023 10:25 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
maybe sending 5 zillion $ to Zelensky wasn't such a great idea after all, Janet?
Anonymous Coward
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05/26/2023 10:27 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
notoncrack
forthebigguy
millionbillion
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05/26/2023 10:29 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
Biden co trying too loot the loot that hasn't been printed yet ....
Anonymous Coward
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05/26/2023 10:30 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
Biden co trying too loot the loot that hasn't been printed yet ....
 Quoting: Anonymous Coward 85895113


creepycream
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05/26/2023 10:36 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
Here's the solution, Yellen.
Have Biden call Zelensky or the Taliban in Afghanistan and see if he can float a loan.

Trump4>2024.
Anonymous Coward
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05/26/2023 10:48 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
Will she be laid off? Then I am in favor of the default.
Anonymous Coward
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05/26/2023 10:50 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
angryfacechurchlady
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05/26/2023 10:51 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
did the CDC change the definition of deadline too?
Anonymous Coward
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05/26/2023 10:53 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
Did the big guy get his usual 10 percent?
Anonymous Coward
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05/26/2023 11:00 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
For years I’ve been hearing it would be Armageddon if we didn’t raise the limit. Let’s find out . I suspect the sun will still rise in the East and Biden will still be a pervert.
Anonymous Coward
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05/26/2023 11:03 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
explosion
Anonymous Coward
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05/26/2023 11:05 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
don't care. let the pedo gov default, get it over with
Anonymous Coward
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05/26/2023 11:15 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
hesright
Anonymous Coward
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05/26/2023 11:30 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
maybe sending 5 zillion $ to Zelensky wasn't such a great idea after all, Janet?
 Quoting: Anonymous Coward 84428539


sherlock
The Walking Stick Survivalist

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United States
05/26/2023 11:33 PM

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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
This is proof that everything that she previously said was a lie!
hiding
Speak softly and carry a big stick.
Anonymous Coward
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05/26/2023 11:34 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
Janet garden gnome?

Better off dead
Anonymous Coward
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05/26/2023 11:37 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
Janet garden gnome?

Better off dead
 Quoting: Anonymous Coward 85895272


5a
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05/26/2023 11:56 PM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
hiding
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05/27/2023 12:01 AM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
Biden co trying too loot the loot that hasn't been printed yet ....
 Quoting: Anonymous Coward 85895113


creepycream
 Quoting: Anonymous Coward 84040596
Anonymous Coward
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05/27/2023 11:25 AM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
SOME HAVE SAID THE LATEST IS THE 9TH. UH
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05/27/2023 11:45 AM
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Re: Janet Yellen Gives New June 5 Deadline on Debt Ceiling–Gives Cover to Biden for Holiday Weekend Vacation
wtf





GLP