US hits $31 TRILLION debt ceiling as Biden admin funds Ukraine war, buys excess Covid boosters

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On Thursday, the United States reached its $31.381 trillion debt limit, prompting the Treasury Department under Janet Yellen to implement “extraordinary measures” in an attempt to pull the economy back from the brink of collapse.

The measures are expected to keep the US government up and running until June, however, Yellen has warned that what happens beyond then depends on how Congress acts now.

Yellen warned of the imminent debt debacle in a letter to Congressional leaders last week. She explained that the measures needed would include “redeeming existing, and suspending new, investments of the Civil Service Retirement and Disability Fund (CSRDF) and the Postal Service Retiree Health Benefits Fund (Postal Fund),” and also suspending “reinvestment of the Government Securities Investment Fund (G Fund) of the Federal Employees Retirement System Thrift Savings Plan.”

American workers’ 401(k)s are likely to be hit hard by the measures after sustaining massive losses over the past three years due to the pandemic, war in Ukraine, and the 2022 selloff, according to the Daily Mail.

Yellen called on Congress to “act in a timely manner to increase or suspend the debt limit,” noting that, “failure to meet the government’s obligations would cause irreparable harm to the US economy, the livelihoods of all Americans, and global financial stability.”

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