Government will be out of money on October 18, Secretary Yellen says.
As a potential shutdown approaches, a procedural vote to advance Senate consideration of a continuing resolution to keep the government funded through December 3 while suspending the debt limit failed. Members of the minority voted to oppose the bill from advancing through the upper chamber, saying this was in response to the majority’s attempts to push the multi-trillion-dollar reconciliation package through without minority support.
However, Senate Majority Leader Chuck Schumer of New York used a procedural loophole to allow him to return the measure to the floor for reconsideration. Voicing his frustration, he said the minority party ”has now become the party of default, the party that says America doesn’t pay its debts.”
Senator Dan Sullivan of Alaska said, “Over three and a half trillion dollars, a spending spree that will be the largest in a generation, will include the largest tax hike that we’ve seen in peacetime. And something that the majority leader himself has called the largest transformation in a generation.”
Meanwhile, Treasury Secretary Janet Yellen told House Speaker Nancy Pelosi that Congress has just under three weeks to address the looming debt ceiling and avoid economic calamity. She said, “We now estimate that Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18. At that point, we expect Treasury would be left with very limited resources that would be depleted quickly.”
As the Lord Leads, Pray with Us…
- For wisdom for members of Congress as they vote on infrastructure, a social spending bill, increasing the debt limit, and more.
- For U.S. Senators to work together for the good of the nation.
Sources: CNBC, One America News
