When America’s finances are threatened, the Treasury Secretary is responsible for sounding the alarm and calling for rapid measures to prevent a crisis.
That’s what Janet Yellen is currently doing. But it’s unclear if the country’s lawmakers are listening.
Yellen made history just months ago by becoming the first woman Treasury Secretary of the U.S. during one of the most turbulent economic and political periods in U.S. history. What’s surprising is that the latest threat to the economy is coming from within.
Treasury Secretary Yellen is playing her part well. She’s fueling fear… While the Democrat-Socialists in Congress assume they can achieve their $3.5 trillion budget through reconciliation with the leftist wishlist strewn throughout it due to Schumer and Pelosi, they refuse to even discuss a “clean” debt-ceiling increase.
The Biden-Harris regime’s Treasury Secretary wrote, in a Wall Street Journal Op-Ed (which is stuck behind a paywall by the way):
“Congress has raised or suspended the country’s debt ceiling about 80 times since 1960. Now it must do so again. If not, sometime in October—it is impossible to predict precisely when—the Treasury Department’s cash balance will fall to an insufficient level, and the federal government will be unable to pay its bills.
The U.S. has always paid its bills on time, but the overwhelming consensus among economists and Treasury officials of both parties is that failing to raise the debt limit would produce widespread economic catastrophe. In a matter of days, millions of Americans could be strapped for cash. We could see indefinite delays in critical payments. Nearly 50 million seniors could stop receiving Social Security checks for a time. Troops could go unpaid. Millions of families who rely on the monthly child tax credit could see delays. America, in short, would default on its obligations.”
For the Democrats…Janet Yellen really does have bad news.
Democrats in Congress will lay this at the feet of their GOP opposition, but the truth is that the Democrats have literally ALL THE POWER and could pass a debt ceiling bill AT ANY TIME. This is pure political brinksmanship and they are attempting to blackmail the GOP into agreeing to $3.5 Trillion in far-leftist fever dreams suffused with dozens and dozens of non-budget-related policy changes. It’s disingenuous, it’s dangerous, and above all: it’s completely unnecessary. The Democratic party has a gun to America’s head and honestly, it’s time for the Republicans to grow a set, and simply explain to the American people very clearly that THEY ARE NOT IN POWER and are in NO WAY STOPPING the Democrats from lifting the debt ceiling. Let the Democrats shoot the hostage and then deal with the consequences.
Yellen is doing nothing but spreading fear by warning Americans that Congress failing to act “would likely precipitate a historic financial crisis that would compound the damage of the continuing public health emergency.”
An Axios reports says:
“Yellen has previously said the U.S. could default in October if there’s an impasse and has urged Congress to pass a bipartisan resolution. Now she warns the looming crisis could leave the U.S. a “permanently weaker nation.” She’s missing a vital point here: that Chuck Schumer, Nancy Pelosi, and Joe Biden can stop this any time they want, by just passing a clean debt ceiling increase without all the socialist add-ons. Period.
“Neither delay nor default is tolerable” Yellen added. Here let’s fix that for her: “Neither delay nor default is tolerable” to the DEMOCRATS, meanwhile most Republicans will cheer when the Biden-Harris machine, starved of money grinds to a halt.
Mitch McConnell absolutely destroyed the left’s narrative, calmly and decisively. Even if you don’t like Mitch (few do) this was something to see…
Watch it here: Youtube/TheHill
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