{"id":1922342,"date":"2023-05-01T23:26:13","date_gmt":"2023-05-02T03:26:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-says-u-s-will-hit-the-debt-limit-as-early-as-june-1st\/"},"modified":"2023-05-01T23:31:06","modified_gmt":"2023-05-02T03:31:06","slug":"treasury-says-u-s-will-hit-the-debt-limit-as-early-as-june-1st","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-says-u-s-will-hit-the-debt-limit-as-early-as-june-1st\/","title":{"rendered":"Treasury says U.S. will hit the debt limit \u2018as early as June 1st\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/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%2Ftreasury-says-u-s-will-hit-the-debt-limit-as-early-as-june-1st%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=1922342&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--><div class=\"entry-content\">\n<h2>U.S. Treasury Department Takes Measures to Prevent Default on Government Debt<\/h2>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">\n          The U.S. Treasury Department building is seen in Washington, D.C., January 19, 2023, following an announcement by the U.S. Treasury that it had begun taking measures Thursday to prevent a default on government debt, as Congress heads towards a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/compromise-hard-to-come-by-in-historic-supreme-court-abortion-showdown\/\" title=\"Compromise Hard To Come By in Historic Supreme Court Abortion Showdown\">high-stakes clash<\/a> between Democrats and Republicans over raising the borrowing limit. \u2013 The world\u2019s biggest economy could <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-prepares-for-potential-nationwide-railroad-shutdown\/\" title=\"Biden Administration Prepares for Potential Nationwide Railroad Shutdown\">face severe disruption<\/a> with Republicans threatening to refuse the usual annual rubber stamping of a rise in the legal borrowing limit, and this could push the United States into default. (Photo by SAUL LOEB\/AFP via Getty Images)<br \/>\n        <\/figcaption><\/figure>\n<p>OAN Geraldyn Berry<br \/>UPDATED 5:36 PM \u2013 Monday, May 1, 2023<\/p>\n<p>Treasury Secretary Janet Yellen has announced on Monday that the deadline to raise the debt ceiling or risk an American default could be as early as June 1<sup>st<\/sup>.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">\n        <script>\n          googletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });\n        <\/script>\n      <\/div>\n<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cAfter <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-says-u-s-will-hit-the-debt-limit-as-early-as-june-1st\/\" title=\"Treasury says U.S. will hit the debt limit \u2018as early as June 1st\u2019\">reviewing recent federal tax receipts<\/a>, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time,\u201d Yellen wrote in a\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Debt_Limit_Letter_Congress_Members_05012023.pdf\" target=\"_blank\">letter<\/a> to Congress.<\/p>\n<\/blockquote>\n<p>However, Yellen emphasized the ambiguity surrounding the situation and stated that the deadline might move to \u201ca few weeks later.\u201d<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThis estimate is based on currently available data, as federal receipts and outlays are inherently variable, and the actual date that Treasury exhausts extraordinary measures could be a number of weeks later than these estimates,\u201d she wrote.<\/p>\n<\/blockquote>\n<p>Following Yellen\u2019s previous statement that the deadline was June 5<sup>th<\/sup>, the new cutoff window will give Congress a shorter window of time to hammer out a resolution. The Treasury Department has frequently modified the \u201cX date\u201d for when money runs out based on tax revenues, which vary and can be difficult to forecast. As the deadline draws closer, the revised date announced on Monday will also be anticipated to change.<\/p>\n<p>In order to pay its debts, the United States had been using what they referred to as \u201cextraordinary measures\u201d since January, when it hit its $31.4 trillion debt ceiling.<\/p>\n<p>Yellen issued a warning saying that the actual date of when the Treasury could run out of money and not be able to make timely and complete payments on the government\u2019s debts might occur \u201ca number of weeks later than these estimates.\u201d<\/p>\n<p>She pointed out that as the federal government\u2019s revenue collection and spending are subject to change, it is difficult to set a precise date.<\/p>\n<p>She stressed that it is \u201cimperative\u201d for legislators to take action as quickly as possible and promised to keep Congress informed when new information became available.<\/p>\n<p>House Speaker Kevin McCarthy (R-Calif.) had recently backed a party-line measure to raise the debt ceiling for another year, roll back some of Biden\u2019s renewable energy initiatives, and impose a number of unnamed expenditure cutbacks. However, Senate Majority Leader Chuck Schumer (D-N.Y.), has criticized the bill and promised to hold hearings highlighting \u201cthe damage\u201d it would cause.<\/p>\n<p>He has called it a path to default.<\/p>\n<p>The bill sponsored by the House GOP asks for limiting future growth to 1% and reducing discretionary expenditure to levels equivalent to fiscal 2022. Republican budget cutbacks would target the 15% of the budget that covers financing for education, job training, air travel, rail safety, law enforcement, and veterans\u2019 benefits since many of them claim they do not want to slash military expenditure.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cIt is impossible to predict with certainty the exact date when Treasury will be unable to pay the government\u2019s bills, and I will continue to update Congress in the coming weeks as more information becomes available,\u201d Yellen wrote. \u201cGiven the current projections, it is imperative that Congress act as soon as possible to increase or suspend the debt limit in a way that provides longer-term certainty that the government will continue to make its payments.<\/p>\n<\/blockquote>\n<p>Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here.\u00a0<a href=\"https:\/\/www.oann.com\/alerts\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other Headlines:<\/h3>\n<ul>\n<li>Multiple people in positions of power are found to have hob knobbed with Jeffrey Epstein\u2026 while he was a known sex offender.<\/li>\n<li>The White House is unconcerned with new spy balloons and Google\u2019s own Dr. Frankenstein warns others about the monster he\u2019s created.<\/li>\n<li>Florida lawmakers are very close to handing Governor Ron DeSantis the country\u2019s toughest immigration bill from any state.<\/li>\n<li>More female inmates are opening up about the disaster brewing behind bars.<\/li>\n<li>Deputy Director of Concerned Veterans of America John Byrnes is urging Congress to fix a system that\u2019s denying healthcare.<\/li>\n<li>Berlin-based e-scooter operator TIER Mobility is working with bankers at Qatalyst Partners for a potential merger or sale with a rival.<\/li>\n<li>International Business Machines Corp expects to pause hiring for roles as roughly 7,800 jobs could be replaced by Artificial Intelligence (AI).<\/li>\n<li>The Biden administration outlined efforts this week to address growing U.S. national security.<\/li>\n<li>Group of Seven advanced nations should <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/labour-market-churn-ahead-with-a-quarter-of-jobs-changing-by-2027-survey\/\" title=\"Labour market \u2018churn\u2019 ahead with a quarter of jobs changing by 2027 \u2013 survey\">adopt \u201crisk-based\u201d regulation<\/a> on artificial intelligence, their digital ministers agreed on.<\/li>\n<\/ul><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Treasury Department building looms large in Washington, D.C. on January 19, 2023, as the world watches with bated breath. The U.S. Treasury has just announced that it&#8217;s taking action to prevent a catastrophic default on government debt. With Congress hurtling towards a high-stakes showdown between Democrats and Republicans over raising the borrowing limit, the fate of the world&#8217;s biggest economy hangs in the balance. It&#8217;s a nail-biting moment in history, and all eyes are on the U.S. Treasury Department.<\/p>\n","protected":false},"author":1755,"featured_media":1922343,"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":[542],"tags":[19282,7302,5487,9025,13148,6612,3778,7238],"class_list":["post-1922342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-as","tag-1st","tag-debt","tag-hit","tag-june","tag-limit","tag-treasury","tag-u-s"],"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\/1922342","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\/1755"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1922342"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1922342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1922343"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1922342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1922342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1922342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}