US Slams Into Debt Ceiling – Here’s What It Means for Veterans, Retirees, & Federal Workers

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The flaming dumpster fire that is Joe Biden’s failed presidency lurched into an alarming new chapter this week, as the nation teeters on the verge of defaulting on its bills after it hit its $31.4 trillion debt ceiling.

The debt ceiling is the total amount of money the U.S. government can borrow to meet its obligations, including paying Social Security and Medicare benefits, military salaries, tax refunds and interest on its $31 trillion national debt.

In a letter Thursday to Republican Speaker of the House Kevin McCarthy, Treasury Secretary Janet Yellen said she’s taking “extraordinary measures” to prevent the United States from defaulting on its financial obligations:

“In my letter of January 13, 2023, I noted that Public Law 117-73 increased the statutory debt limit to a level of $31.381 trillion, and informed you that beginning on January 19, the outstanding debt of the United States was projected to reach the statutory limit,” she wrote. “This letter serves to notify you, pursuant to 5 U.S.C. § 8348(l)(2), of the extraordinary measures Treasury began using today.”

Those “extraordinary measures,” which include selling existing investments and suspending reinvestments in the Civil Service Retirement & Disability Fund and the Postal Service Retiree Health Benefits Fund, are expected to last through early-June.

The letter was a follow-up to a sobering Jan. 13 missive, in which Yellen urged McCarthy to raise the debt ceiling and warned of the dire consequences if this is not authorized.

In other words, the chief financial officer of the United States — a career economist — is begging Congress to increase the nation’s credit line so it can borrow more money to pay its bills.

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