(JustPatriots.com)- On Wednesday, President Joe Biden’s Treasury Secretary Janet Yellen warned leaders in Congress that the United States appears to be on track to default on the national debt as soon as October.
Her solution? Members of Congress coming together and voting to raise the debt limit once again, confirming that the Democrats truly have no plan to stop spending money we don’t have.
As it stands, the United States national debt is roughly $29 trillion – and increasing by the second. The debt per citizen is around $86,000, and the debt per taxpayer is more than $228,000.
The federal budget deficit is more than $3 trillion.
Want to see the breakdown yourself? Just head over to the U.S. National Debt Clock website.
Treasury Secretary Yellen published a letter on Wednesday describing how her department was likely to run out of cash and exhaust all possible “extraordinary” measures to keep the federal government within its currently accepted legal borrowing limit.
She said that once all cash and available measures are fully exhausted within the next month or so, the United States would be unable to meet its spending obligations for the first time in history.
Technically, if the United States needs to borrow even more money, then it is already unable to meet its spending obligations…
The letter was sent to controversial House Speaker Nancy Pelosi, Republican House Minority Leader Kevin McCarthy, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell, in the hopes that they will be able to rally members of Congress behind plans to raise the debt limit.
Yellen called on all lawmakers to come together to raise the limit, warning that waiting until the last minute to either raise or suspend the debt limit would cause serious damage to consumer and business confidence and even raise the short-term cost of borrowing money for American taxpayers. It would also impact the credit rating of the United States.
How long is this kind of borrowing sustainable?
