January 16, 2022

Arunachal Front

Complete News World

If the debt ceiling is not raised by October 18, the United States will run out of resources

If the ceiling Leave this Not elevated,
United States On Oct. 18, Treasury Secretary Janet Yellen warned that all exceptional measures to finance the country’s budget would be exhausted.

After this date, the Minister of Finance warns in a letter to elected officials that “we expect the Treasury to have very limited resources and it will run out quickly” Joe Biden There is a controversy going on in Congress over the enormous investment plans proposed by the government.

“Important” effects

“We are not sure we can continue to meet all the obligations of the country,” says John Yellen. The government can no longer borrow, pay bills or pay the salaries of government employees.

As the country is already in a similar situation, “we know that waiting until the last minute will severely affect business and consumer confidence, increase the cost of borrowing for taxpayers and have a negative impact,” the manager recalled. “Lead.

Joe Biden’s “irresponsible” plans

Democrats have linked the suspension of the debt ceiling so far to the passage of the federal government’s new budget, which Congress will approve until midnight on Thursday if it wants to block public finances. Suddenly disconnected.

But Republicans are adamantly opposed to raising the debt ceiling because they say it will help Joe Biden Cardo’s “irresponsible” plans. The first budget speech in the Senate on Monday evening failed due to lack of Republican support.

“US loses default for first time in history”

Democrats are likely to reconsider the copy of the debt ceiling suspension from the budget bill, which should get enough votes to extend the budget before Friday. And they individually approved, counted their own votes, and suspended the debt ceiling.

See also  When Vladimir Putin and Joe Biden first met, they tried to resolve their differences.

Speaking to the Senate Banking Committee on Tuesday, Treasury Secretary Janet Yellen reiterated her demand: “Congress needs to resolve the debt limit quickly. Otherwise, for the first time in history, the United States will fail.”