Yellen says U.S. will hit debt ceiling Thursday. Analysts warn of ‘significant market pain’ while Congress deals with limit.

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“Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability,” Treasury Secretary Janet Yellen wrote to top U.S. lawmakers.

Treasury Secretary Janet Yellen on Friday warned top U.S. lawmakers that the federal government is expected to hit its ceiling for borrowing next week and urged them to “act in a timely manner to increase or suspend the debt limit.”

“While Treasury is not currently able to provide an estimate of how long extraordinary measures will enable us to continue to pay the government’s obligations, it is unlikely that cash and extraordinary measures will be exhausted before early June,” Yellen said in her letter.

The analyst also said Evercore’s current estimate is that an “X Date” — meaning the point when the Treasury Department will exhaust its extraordinary measures — would come in July or August. “This is technically possible, but much more difficult as a matter of both politics and House rules than it’s generally been made out to be,” he wrote.

 

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It's no problem. If they raise it but God forbid they hit the limit and say let's cut spending and allow future tax revenues to pay down the debt over time? Apparently the country ran fine with less money?

We must always spend!

Shouldn’t there be a debtor’s prison for people who cause the debt and refuse to pay it? That is, politicians?

MintTheCoin

Just return all the Illegal Aliens that we the taxpayers are supporting and we will reduce the debt by billions!

SOS every single time.

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