{"id":1810588,"date":"2023-01-19T14:19:13","date_gmt":"2023-01-19T19:19:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1810588"},"modified":"2023-01-19T14:25:31","modified_gmt":"2023-01-19T19:25:31","slug":"yellen-warns-congress-extraordinary-measures-have-begun-after-debt-ceiling-breached","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-congress-extraordinary-measures-have-begun-after-debt-ceiling-breached\/","title":{"rendered":"Yellen Warns Congress \u2018Extraordinary Measures\u2019 Have Begun After Debt Ceiling Breached"},"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\">22<\/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-warns-congress-extraordinary-measures-have-begun-after-debt-ceiling-breached%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=1810588&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-->\n<p><a href=\"https:\/\/www.dailywire.com\/topic\/treasury-department\" target=\"_blank\" rel=\"noopener\">Treasury<\/a> Secretary <a href=\"http:\/\/dailywire.com\/topic\/janet-yellen\" target=\"_blank\" rel=\"noopener\">Janet Yellen<\/a> Members of <a href=\"https:\/\/www.dailywire.com\/topic\/congress\" target=\"_blank\" rel=\"noopener\">Congress<\/a> That she has launched \u201cextraordinary measures\u201d To fund the federal government following the <a href=\"https:\/\/www.dailywire.com\/topic\/debt-ceiling\" target=\"_blank\" rel=\"noopener\">debt ceiling<\/a> It was impossible to surpass.<\/p>\n<p>The official notified Kevin McCarthy (R. CA), House Speaker, and other lawmakers. <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1196\" target=\"_blank\" rel=\"noopener\">letter<\/a> The debt ceiling is an arbitrary limit placed on the <a href=\"http:\/\/dailywire.com\/topic\/national-debt\" target=\"_blank\" rel=\"noopener\">national debt<\/a> As of Thursday, the statutory limit of $31.381 billion has been exceeded by Congress. Accordingly, she warned lawmakers that all efforts to ensure the solvency and stability of the government are now in effect.<\/p>\n<p>Yellen stated that investments in the Civil Service Retirement and Disability Fund and Postal Service Retiree Health Benefits Fund were temporarily suspended until June 1, clarifying that the actions will not affect federal employees and retirees. \u201cThe period of time that extraordinary measures may last is subject to considerable uncertainty,\u201d She informed the lawmakers. \u201cI respectfully urge Congress to act promptly to protect the full faith and credit of the United States.\u201d<\/p>\n<p>In order to maintain discretionary spending and mandatory spending programs, the federal government has depended on substantial budget deficits for many decades. According to the Federal Budget Office, Social Security, Medicare and other health initiatives made up 46% of federal budget in the most recent fiscal year. <a href=\"https:\/\/fiscaldata.treasury.gov\/americas-finance-guide\/federal-spending\/\" target=\"_blank\" rel=\"noopener\">data<\/a> The Treasury Department even provides this information <a href=\"https:\/\/www.dailywire.com\/news\/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending\" target=\"_blank\" rel=\"noopener\">maintenance costs<\/a> The current rise in interest rates across all sectors of the economy has caused the national debt to soar.<\/p>\n<p>Yellen spoke in another language <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1188\" target=\"_blank\" rel=\"noopener\">notice<\/a> Last week \u201cfailure to meet the government\u2019s obligations\u201d It would be a cause \u201cirreparable harm\u201d both the domestic and global financial systems. \u201cPresidents and Treasury Secretaries of both parties have made clear that the government must not default on any obligation of the United States,\u201d She went on. \u201cYet the use of extraordinary measures enables the government to meet its obligations for only a limited amount of time.\u201d<\/p>\n<p>After Republican legislators, the most recent breach of debt ceiling occurred. <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-concessions-house-speaker-kevin-mccarthy-gave-to-republican-holdouts-to-win-their-support\" target=\"_blank\" rel=\"noopener\">struck a deal<\/a> with McCarthy under which the party\u2019s new majority would introduce a budget that refrains from increasing the statutory debt limit. In a dispute, Senate Majority Leader Chuck Schumer and House Minority leader Hakeem Jeffries (both D-NY) argued. <a href=\"https:\/\/www.democrats.senate.gov\/newsroom\/press-releases\/schumer-jeffries-statement-on-need-to-pass-legislation-to-avoid-a-disastrous-default\" target=\"_blank\" rel=\"noopener\">statement<\/a> Fiscal uncertainty is not only the fault of Republicans.<\/p>\n<p>\u201cA default forced by extreme MAGA Republicans could plunge the country into a deep recession and lead to even higher costs for America\u2019s working families on everything from mortgages and car loans to credit card interest rates,\u201d They agreed.<\/p>\n<p>Both Republicans and Democrats have led administrations that have had a massive budget deficit. <a href=\"https:\/\/www.dailywire.com\/news\/the-american-people-want-a-real-change-steve-forbes-rebukes-both-parties-for-sinful-government-spending-habits\" target=\"_blank\" rel=\"noopener\">increases<\/a> In response to the recession-induced lockdown, lawmakers have approved numerous stimulus packages. This has led to a worsening of shortfalls in recent years. The current national debt stands at $31.5 trillion.<\/p>\n<p>Recent <a href=\"https:\/\/www.dailywire.com\/news\/government-must-raise-taxes-40-or-cut-spending-30-to-achieve-fiscal-balance-study\" target=\"_blank\" rel=\"noopener\">analysis<\/a> from economists at the University of Pennsylvania\u2019s Wharton School revealed that a 30% decrease in spending or a 40% increase in taxation would be necessary to handle current deficit spending and future obligations. Similar results <a href=\"https:\/\/www.dailywire.com\/news\/federal-spending-must-be-cut-26-to-balance-budget-even-more-to-keep-core-social-defense-programs-intact-analysis\" target=\"_blank\" rel=\"noopener\">study<\/a> According to the Committee for a Responsible Federal Budget, policymakers must enact 26% acrossthe-board spending cuts to balance our budget within the next ten years. In order to balance our budget while exempting programs like Medicare, defense, veteran benefits and Social Security from cuts, all federal spending would need to be reduced by 85%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen told members of Congress that she has launched \u201cextraordinary measures\u201d to fund the federal government after the debt ceiling was surpassed. The official notified House Speaker Kevin McCarthy (R-CA) and other lawmakers in a letter that the debt ceiling, an arbitrary limit on the national debt established by Congress, has crossed &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1082020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[15610,15611,10142,4402,6202,5487,14012,5630,3633,6195,5286],"class_list":["post-1810588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-begun","tag-breached","tag-ceiling","tag-congress","tag-daily","tag-debt","tag-extraordinary","tag-measures","tag-warns","tag-wire","tag-yellen"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1810588","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=1810588"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1810588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1082020"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1810588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1810588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1810588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}