{"id":730115,"date":"2021-09-08T11:20:26","date_gmt":"2021-09-08T15:20:26","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=730115"},"modified":"2021-09-08T11:20:29","modified_gmt":"2021-09-08T15:20:29","slug":"yellen-us-will-be-out-of-money-in-october-if-congress-doesnt-raise-debt-ceiling","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-us-will-be-out-of-money-in-october-if-congress-doesnt-raise-debt-ceiling\/","title":{"rendered":"Yellen: US Will Be Out Of Money In October If Congress Doesn\u2019t Raise Debt Ceiling"},"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\">30<\/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-us-will-be-out-of-money-in-october-if-congress-doesnt-raise-debt-ceiling%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=730115&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 warned congressional leaders Wednesday that the U.S. is on track to default on its debt sometime in October if Congress fails to raise the debt ceiling.<\/p>\n<p>Yellen said the Treasury would likely run out of cash in the coming weeks and exhaust its \u201cextraordinary\u201d spending measures to keep the country within its legal borrowing limit.<\/p>\n<p>\u201cOnce all available measures and cash on hand are fully exhausted, the United States of America would be unable to meet its obligations for the first time in our history,\u201d Yellen wrote in a <a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Debt-Limit-Letter-to-Congress_20210908_FINAL-Pelosi.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">letter<\/a> to Democratic and Republican leadership and the chairs and ranking members of several top committees.<\/p>\n<p>\u201cGiven this uncertainty, the Treasury Department is not able to provide a specific estimate of how long the extraordinary measures will last,\u201d she continued. \u201cHowever, based on our best and most recent information, the most likely outcome is that cash and extraordinary measures will be exhausted during the month of October.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2021\/08\/31\/congress-faces-brutal-september-high-stakes-deadlines-budget\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Congress Faces An Absolutely Brutal September Filled With High-Stakes Deadlines)<\/a><\/strong><\/p>\n<div id=\"attachment_7278010\" class=\"wp-caption alignnone\" readability=\"35\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7278010\" loading=\"lazy\" class=\"size-full wp-image-7278010\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/GettyImages-1235121901-scaled-1.jpg\" alt srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/GettyImages-1235121901-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1235121901-180x120.jpg 180w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1235121901-620x413.jpg 620w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1235121901-768x512.jpg 768w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1235121901-1536x1024.jpg 1536w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1235121901-2048x1365.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p id=\"caption-attachment-7278010\" class=\"wp-caption-text\">House Speaker Nancy Pelosi said Wednesday that a debt ceiling increase would not be included in Democrats\u2019 budget, setting up another bitter, partisan fight. (MANDEL NGAN\/AFP via Getty Images)<\/p>\n<\/div>\n<p>The U.S. runs the risk of defaulting if it fails to raise the debt limit, which could have catastrophic effects on the financial system. Yellen in July <a href=\"https:\/\/dailycaller.com\/2021\/07\/23\/treasury-secretary-janet-yellen-irreprable-harm-congress-debt-ceilng-mitch-mcconnell-nancy-pelosi\/\" target=\"_blank\" rel=\"noopener noreferrer\">warned of \u201cirreparable harm\u201d<\/a> if Congress failed to act, noting that it had raised the limit in previous years with overwhelming bipartisan support.<\/p>\n<p>\u201cWaiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,\u201d Yellen wrote. \u201cThis is why no President or Treasury Secretary of either party has ever countenanced even the suggestion of a default on any obligation of the United States.\u201d<\/p>\n<p>Congress, however, is locked in a partisan stalemate over another debt ceiling increase. Republicans have said they will not back one, with Senate Minority Leader Mitch McConnell instead <a href=\"https:\/\/dailycaller.com\/2021\/08\/09\/mitch-mcconnell-republicans-democrats-socialist-shopping-list-raise-debt-ceiling\/\" target=\"_blank\" rel=\"noopener noreferrer\">telling Democrats<\/a> to put it in their budget reconciliation bill that can pass with simple majority votes.<\/p>\n<p>Democrats, however, have said they will not do so, and omitted an increase in the bill\u2019s framework. While the <a href=\"https:\/\/dailycaller.com\/2021\/09\/07\/democrats-all-in-budget-joe-biden-congressional-majorities-passage-far-from-certain-budget-reconciliation\/\" target=\"_blank\" rel=\"noopener noreferrer\">sweeping $3.5 trillion package<\/a> may not even be finalized before October, adding a multitrillion debt ceiling increase would likely make the bill even more unappealing for Democratic moderates who have already objected to the bill\u2019s current size.<\/p>\n<p>\u201c[Raising the debt ceiling] has to happen,\u201d House Speaker Nancy Pelosi said during her weekly press conference Wednesday. \u201c[But] we won\u2019t be putting it in reconciliation.\u201d<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen warned congressional leaders Wednesday that the U.S. is on track to default on its debt sometime in October if Congress fails to raise the debt ceiling.Yellen &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-730115","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\/730115","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=730115"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/730115\/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=730115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=730115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=730115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}