Yellen Issues Debt Limit Warning to Congress: Yellen Warns ‘Extraordinary Measures’ Will Be Needed to Avoid Default

https://www.nytimes.com/2024/12/27/business/economy/yellen-debt-limit-warning-congress.html

by RichKatz

3 comments

  2. This is Congress fault and responsibility to pay the bills. A president can veto any new spending bill. What if we defaulted on debt right now. Our ratings would get downgraded but I’m not seeing another currency that would take over the dollar. What’s your opinion Rick?

  3. This is all bullshit. I question inability to service the debt. The 14th amendment says:
    >The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

    Well, it’s either constitutional hot air, or it means something. And I think it means is, while the treasury has enough income to service that debt, it shall do that first, and should there be any monies left over, then they can attend to the financing of the subordinated financing needs.

    I think that the 14th establishes an order of consideration that would preclude default.

Comments are closed.