🚫⏰ Eh, No Fool Around! Da U.S. Might go Bankrupt as soon as June 1st! Yellen Says Again 🏦💰
Eh, da kine X-date stay ready for pounce us, maybe even next week, you know. Da Treasury Secretary Janet L. Yellen stay reminding us on Monday dat da U.S. could go broke come June 1 if da country no can pay bills. She stay putting pressure on da White House and da big kine congressional leaders for decide how fo’ lift da nation’s debt limit. 🇺🇸💰🏦⛔
All dis talk stay going down as President Biden and Speaker Kevin McCarthy get ready for one meeting Monday aftanoon inside da White House. Their goal? Try an’ solve dis standoff kine ting, yeah? 🏛️🤝⏰
Da reps for Mr. Biden and Mr. McCarthy been getting togedda all dis past week fo’ come up with one plan. Da plan should cap da federal spending and make da deficit less while at da same time raise da borrowing cap to one crazy $31.4 trillion. 📈💸🔒
Ms. Yellen been saying dat da country’s money stay in one shaky place. She say maybe we goin’ run out of cash by early June, instead of what she said in her previous letters, wea she just called dat time-frame “likely.” 📅💵🔚
After one week of getting more info, she write say that it’s highly likely da Treasury no goin’ be able for cover all of da government’s kuleana if Congress no act for raise or suspend da debt limit by early June, and maybe even as early as June 1. 🏦📝🔚
She said in her previous letter one week ago dat her estimates might not be pono ’cause da incoming government tax revenue stay unpredictable. She said da actual date when da Treasury going run out of da extraordinary measures she stay using for delay one default “could be a number of days or weeks later.” 📆🔀💸
But on Monday, Ms. Yellen no suggest that there might be more time. She warn dat no lifting da debt limit could be one disaster for da economy. 🏦⏰🚫
“If Congress no can increase da debt limit, dat goin’ make plenty American ohana suffer, hurt our global leadership position, and make people question if we can defend our national security interests,” Ms. Yellen said. 🏛️💸👥🌍
Da country’s cash balance stay running crazy low. On Sunday, Ms. Yellen squash hopes dat da so-called extraordinary measures she stay using to delay one default gonna be enough for keep da government running as usual after mid-June. 📅💰🔚
Republicans stay refusing for raise da debt limit unless got spending cuts. So, da Democrats gotta sit down an’ talk story with them if they like avoid one default that could cause one recession and financial crisis. Da two sides still no agree on plenty important kine stuff, including caps for federal spending, new work requirements for some people getting federal antipoverty help and funding fo’ help da Internal Revenue Service catch the rich guys and big businesses trying for evade taxes. 🐘💸🚫🗝️🔀
Da Treasury secretary said during da weekend dat failing to raise da debt limit would force da government for make hard choices about how for meet da nation’s financial kuleana. Benefit payments to retirees and veterans could get messed up, and da uncertainty could make interest rates go sky high and stock prices take one dive. 🏦⏳👴🎖️💵📉
Da Biden administration stay downplaying da idea that it could just ignore da debt limit and continue borrowing by using da 14th Amendment, which says that the validity of U.S. debt shall not be questioned. Although da administration’s lawyers been studying dis idea, da officials think that da expected legal challenges and uncertainty would make da markets go all hamajang. 🏛️💸📜🔄
“There can be no acceptable outcomes if the debt ceiling isn’t raised,” Ms. Yellen said on “Meet the Press” on NBC. 🏦🔝📺🔚”
NOW IN ENGLISH
🚫⏰ Don’t Joke Around! The U.S. Might Go Bankrupt As Soon As June 1st! Yellen Warns Again 🏦💰
Heads up, the so-called X-date is looming, possibly as early as next week. Treasury Secretary Janet L. Yellen reiterated on Monday that the U.S. could be insolvent by June 1 if the country fails to pay its bills. She continues to apply pressure on the White House and the high-ranking congressional leaders to figure out how to increase the nation’s debt limit. 🇺🇸💰🏦⛔
This discourse is taking place as President Biden and Speaker Kevin McCarthy are set to meet Monday afternoon at the White House. Their goal? Try to resolve this impasse. 🏛️🤝⏰
Representatives for Mr. Biden and Mr. McCarthy have been meeting throughout the past week to develop a plan. The plan aims to cap federal spending and reduce the deficit while simultaneously raising the borrowing cap to a staggering $31.4 trillion. 📈💸🔒
Ms. Yellen has cautioned that the country’s finances remain unstable. She suggests we may run out of cash by early June, which is earlier than she suggested in her previous letters where she termed this timeframe as “likely”. 📅💵🔚
After another week of gathering more information, she wrote that it’s highly probable the Treasury won’t be able to cover all of the government’s responsibilities if Congress does not act to raise or suspend the debt limit by early June, and possibly even as early as June 1. 🏦📝🔚
She mentioned in her previous letter a week ago that her estimates may not be accurate because the incoming government tax revenue is unpredictable. She stated the actual date when the Treasury will exhaust the extraordinary measures she is using to delay a default “could be a number of days or weeks later.” 📆🔀💸
However, on Monday, Ms. Yellen did not imply that there might be more time. She warned that failing to raise the debt limit could be disastrous for the economy. 🏦⏰🚫
“If Congress fails to increase the debt limit, it would cause severe hardship to American families, undermine our global leadership position, and raise questions about our ability to defend our national security interests,” Ms. Yellen stated. 🏛️💸👥🌍
The nation’s cash balance has been running dangerously low. On Sunday, Ms. Yellen dashed hopes that the so-called extraordinary measures she has been using to delay a default would be sufficient to maintain normal government operations beyond mid-June. 📅💰🔚
Republicans have refused to raise the debt limit without accompanying spending cuts. Therefore, the Democrats need to negotiate with them to avoid a default that could trigger a recession and financial crisis. The two sides remain far apart on several key issues, including caps for federal spending, new work requirements for some recipients of federal antipoverty assistance, and funding to assist the Internal Revenue Service in cracking down on tax evasion by high earners and corporations. 🐘💸🚫🗝️🔀
The Treasury secretary stated over the weekend that a failure to raise the debt limit would force the government to confront difficult choices about how to meet the nation’s financial obligations. Benefits payments to retirees and veterans could be disrupted, and the uncertainty could cause interest rates to surge and stock prices to plummet. 🏦⏳👴🎖️💵📉
The Biden administration has downplayed the idea that it could essentially ignore the debt limit and continue borrowing by invoking the 14th Amendment, which says that the validity of U.S. debt shall not be questioned. Although the administration’s lawyers have studied this idea, officials believe that the expected legal challenges and uncertainty would destabilize markets. 🏛️💸📜🔄
“There can be no acceptable outcomes if the debt ceiling isn’t raised,” Ms. Yellen stated on “Meet the Press” on NBC. 🏦🔝📺🔚
