{"id":1026590,"date":"2021-11-18T07:45:34","date_gmt":"2021-11-18T12:45:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1026590"},"modified":"2021-11-18T07:45:36","modified_gmt":"2021-11-18T12:45:36","slug":"yellen-says-bidens-1-2-trillion-infrastructure-bill-demands-raising-of-the-debt-limit-as-soon-as-possible","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-says-bidens-1-2-trillion-infrastructure-bill-demands-raising-of-the-debt-limit-as-soon-as-possible\/","title":{"rendered":"Yellen Says Biden\u2019s $1.2 Trillion Infrastructure Bill Demands Raising Of The Debt Limit \u2018As Soon As Possible\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fyellen-says-bidens-1-2-trillion-infrastructure-bill-demands-raising-of-the-debt-limit-as-soon-as-possible%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1026590&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Treasury Secretary Janet Yellen told Congress that the signing of the Infrastructure Investment and Jobs Act means that lawmakers should raise the debt ceiling \u201cas soon as possible.\u201d<\/p>\n<p>In 2019, Congress suspended the debt ceiling \u2014 which prevents the federal government from assuming a certain level of national debt \u2014 until August 2021. To prevent a potential default on federal obligations, Senate Minority Leader Mitch McConnell (R-KY) gave Democrats a short-term <a href=\"https:\/\/www.dailywire.com\/news\/mcconnell-offers-short-term-solution-to-prevent-another-self-created-democrat-crisis-on-debt-limit\">deal<\/a> in October to suspend the debt ceiling \u2014 which is designed to make Democrats enact a permanent solution on their own by the end of the year.<\/p>\n<p>Yellen <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0488\">warned<\/a> House Speaker Nancy Pelosi (D-CA) that the passage of the $1.2 trillion bipartisan infrastructure bill \u2014 <a href=\"https:\/\/www.dailywire.com\/news\/joe-biden-signs-1-2-trillion-infrastructure-bill-calls-it-truly-historic\">signed<\/a> by President Biden on Monday \u2014 demands that lawmakers act swiftly on the debt limit.<\/p>\n<p>\u201cYesterday, the President signed the Infrastructure Investment and Jobs Act, which appropriates $118 billion for the Highway Trust Fund,\u201d her letter explained. \u201cThese funds must be transferred into the Highway Trust Fund within one month after the enactment of the legislation, and the transfer will be completed on December 15. Promptly thereafter, the funds will be invested in nonmarketable Treasury securities subject to the debt limit.\u201d<\/p>\n<p>\u201cWhile I have a high degree of confidence that Treasury will be able to finance the U.S. government through December 15 and complete the Highway Trust Fund investment, there are scenarios in which Treasury would be left with insufficient remaining resources to continue to finance the operations of the U.S. government beyond this date,\u201d she continued. \u201cAs the federal government\u2019s cash flow is subject to unavoidable variability, I will continue to update Congress as more information becomes available.\u201d<\/p>\n<p>\u201cTo ensure the full faith and credit of the United States, it is critical that Congress raise or suspend the debt limit as soon as possible.\u201d<\/p>\n<p>In a Wall Street Journal op-ed published in September, Yellen <a href=\"https:\/\/www.dailywire.com\/news\/yellen-says-failing-to-raise-federal-debt-limit-will-trigger-historic-financial-crisis\">explained<\/a> that any failure to raise or suspend the debt ceiling could plunge the United States into a financial crisis.<\/p>\n<p>\u201cIn a matter of days, millions of Americans could be strapped for cash,\u201d Yellen wrote. \u201cWe could see indefinite delays in critical payments. Nearly 50 million seniors could stop receiving Social Security checks for a time. Troops could go unpaid. Millions of families who rely on the monthly child tax credit could see delays. America, in short, would default on its obligations.\u201d<\/p>\n<p>\u201cThe U.S. has never defaulted. Not once. Doing so would likely precipitate a<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen told Congress that the signing of the Infrastructure Investment and Jobs Act means that lawmakers should raise the debt ceiling \u201cas soon as possible.\u201dIn 2019, Congress suspended the debt ceiling \u2014 which prevents the federal government from assuming a certain level of national debt \u2014 until August 2021. To prevent a potential default on federal obligations, Senate Minority Leader Mitch McConnell (R-KY) gave Democrats a short-term deal in October to suspend the debt ceiling \u2014 which is designed to make Democrats enact a permanent solution on their own by the end of the year.Yellen warned House Speaker Nancy Pelosi (D-CA) that the passage of the $1.2 trillion bipartisan infrastructure bill \u2014 signed by President Biden on Monday \u2014 demands that lawmakers act swiftly on the debt limit.\u201cYesterday, the President signed the Infrastructure Investment and Jobs Act, which appropriates $118 billion for the Highway Trust Fund,\u201d her letter explained. \u201cThese funds must be transferred into the Highway Trust Fund within one month after the enactment of the legislation, and the transfer will be completed on December 15. Promptly thereafter, the funds will be invested in nonmarketable Treasury securities subject to the debt limit.\u201d\u201cWhile I have a high degree of confidence that Treasury will be able to finance the U.S. government through December 15 and complete the Highway Trust Fund investment, there are scenarios in which Treasury would be left with insufficient remaining resources to continue to finance the operations of the U.S. government beyond this date,\u201d she continued. \u201cAs the federal government\u2019s cash flow is subject to unavoidable variability, I will continue to update Congress as more information becomes available.\u201d\u201cTo ensure the full faith and credit of the United States, it is critical that Congress raise or suspend the debt limit as soon as possible.\u201dIn a Wall Street Journal op-ed published in September, Yellen explained that any failure to raise or suspend the debt ceiling could plunge the United States into a financial crisis.\u201cIn a matter of days, millions of Americans could be strapped for cash,\u201d Yellen wrote. \u201cWe could see indefinite delays in critical payments. Nearly 50 million seniors could stop receiving Social Security checks for a time. Troops could go unpaid. Millions of families who rely on the monthly child tax credit could see delays. America, in short, would default on its obligations.\u201d\u201cThe U.S. has never defaulted. Not once. Doing so would likely precipitate a historic financial crisis that would compound the damage of the continuing public health emergency. Default could trigger a spike in interest rates, a steep drop in stock prices and other financial turmoil.\u201d\u201cOur current economic recovery would reverse into recession, with billions of dollars of growth and millions of jobs lost.\u201dEarlier this year, Fitch Ratings \u2014 one of the \u201cBig Three\u201d rating agencies on Wall Street \u2014 issued a \u201cNegative Outlook\u201d on the United States\u2019 creditworthiness over ballooning federal debt. Though the United States kept its \u201cAAA\u201d rating, Fitch stated that the outlook \u201creflects ongoing risks to the public finances and debt trajectory.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1026590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1026590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1026590"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1026590\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1026590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1026590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1026590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}