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Gowin reveals what the Americans are threatening for “lex TVN”. “Personal sanctions”
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According to current estimates by the US Department of the Treasury, quoted by Treasury Secretary Janet Yellen on Tuesday in the US Congress, the loan opportunities USA will run out by October 18. She explained that it was not certain whether the US will be able to pay its liabilities after this date.
We expect to be left with very limited resources at this point, which will run out quickly. America will become insolvent for the first time in history. Our country would have to face a financial crisis and a recession. We absolutely must prevent a catastrophic event for our economy
Yellen warned. It has already made decisions that have given the US Treasury emergency measures, but these may only last for just about 20 days. Its dramatic tone is a reaction to the decision of the Republicans who blocked the increase in the debt limit in the Senate the day before.
Critical days for the Democrats and Biden administration
By Thursday, September 30, the US Congress must pass a provisional one bud¿et, which also included a clause on the suspension of the current debt limit. So far, however, it has not been possible, which would mean that the Treasury Department would not be able to obtain further funds by issuing bonds.
President Joe Biden canceled Wednesday’s visit to Chicago to devote himself to negotiations with congressmen. If the budget cannot be passed, the so-called shutdown or suspension wash government administration. That means hundreds of thousands of federal workers will go on forced leave.
The situation is tense. Republican senators agree to adopt the budget, but do not give the green light to increasing the debt limit (taking into account, inter alia, the announced by Biden generous social spending package). And for that, you also need their voices.
In theory, the Democrats could use a non-standard procedure to suspend the debt limit, allowing this decision to be passed only by their votes. Except the procedure is long and complicated, and the Democrats would prefer to avoid it. They could also try to combine the increase in the debt limit with Joe Biden’s fiscal package (“Build Back Better Plan”) – only that they have already shared the details of it with each other. It is not known if they could reach a consensus in time.
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