The United States Ran Out of Money Earmarked For Paying Debts-Bills on Jan 19th 2023.

Thursday, May 25, 2023

Yesterday, it was mentioned on Fox Business that the Biden administration has spent so much money so fast that America actually ran out of money earmarked for paying our bills and debts back in January of this year.

Since running out of money would be an important moment in modern U.S. history, I had to look and see if it really happened. Sure enough...it did!

Since Jan. 19, the U.S. Treasury has been taking what it calls "extraordinary measures," temporarily moving money around, to prevent the government from defaulting on its debts.

But the Treasury said it expected those measures could only last until early June.

Source: www.npr.org...

This Treasury document outlines the "Extraordinary Measures" now in effect, and in the hopper: home.treasury.gov...

Why didn't the White House come to Congress before the money ran out in January?

Now, the Biden Admin and Congress are in non-stop discussions on how best to "Raise the Debt Ceiling" before next Thursday June 1st, which is when Treasury Secretary Janet Yellen says she will have run out of "tricks" to keep the U.S. from Defaulting/Not Honoring our debts here at home, and abroad.

The latest on WhiteHouse-Congress debt-ceiling talks: www.reuters.com...

-CareWeMust

a reply to: carewemust


Sickening, isn't it? They gave so many billions to other places (cough cough) that now we have no money. All by design along with everything else going on? probably. Just a scare tactic? not sure this time.

For years now there has always been a "financial crisis" that needs averted right as we are going into our holiday season. Somehow they always manage to "work it out" with a late night or two (poor babies) before they all go on their holidays to their mansions. But, it's always during that time frame. This sounds like something I don't remember before, so not sure what to make of it honestly. Some days I don't even care any more and just want them to go ahead and "get the show on the road" so to speak.

a reply to: carewemust


I believe McCarthy and Biden had the first real discussion about this in January. The problem is both parties are now a party of no.
So getting anything meaningful in today's US political climate is damn near impossible. And anything that does seem to get done is broken out the gate.

Ok..... Democrats bad. Ok got it, whatever. Only extreme MAGA cares, yada yada yada. Even since before the "Democrats" held the oval office, our government spent more each day then it made. On average we spend 17 billion dollars a day, but take in 14 billion dollars a day. Hence the reason we keep having to raise the debt limit, and it doesn't matter which idiotic political party is in charge. Remember, Trump did it 3 times during his legacy. Bush did it, Obama did it, Clinton, Reagan.

However, here's a gimme for the " only democrats are bad " group. A lot of our bills are paid in tax revenue, right? Honest Americans paying their god given due to society, excluding the large corps we gave huge tax breaks to because....'Merica. But which state provides the most taxes to fund our government services? Good old drag queen loving California! Something around 11% of all tax revenues collected by the U.S.A. come from a bunch of tree hugging commies! Guess who just extended their tax filing until October due to declared natural disasters? Yup! You may actually get to blame the current status on...........f'ing wait for it....... DEMOCRATS!

This OMG! tactic was used during the Obama era and seems to have lost its catastrophic impact. As badly as our country has been run into the ground in the last couple of years I think people hare becoming desensitized to scare tactics. I see a lot of people resigned to current events, with an attitude that they can't do anything about it so why worry?

What I sense is going to happen is a lot of horrible policies are going to be passed by Republicans giving in and saying 'we had no other choice', like they did with the ACA.

Either Republicans are on the same page as Democrats in the direction our country is being taken (down), or they're all a bunch of gutless wonders.

a reply to: TruthJava

You're right. Hardly anyone is talking about this latest doomsday prediction. Everyone in America is pretty much "battle hardened' due to the constant fear-mongering we're exposed to these days.

I bet if schools still had drills where kids had to hide under their desks for a few minutes, many children wouldn't do it, and would dare the teacher to make them.

originally posted by: carewemust
Thursday, May 25, 2023

.....

Why didn't the White House come to Congress before the money ran out in January?

.....
-CareWeMust

Because it's not the White House's job to go to Congress.

Article I, Section 8, Clause 1:

"The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States; . . ."

Get a clue.

originally posted by: Allaroundyou
a reply to: carewemust


I believe McCarthy and Biden had the first real discussion about this in January. The problem is both parties are now a party of no.
So getting anything meaningful in today's US political climate is damn near impossible. And anything that does seem to get done is broken out the gate.

THE MONEY RAN OUT on January 19th. Why didn't PELOSI and BIDEN discuss preventing this from happening, during the 4th quarter of 2022? Two "Senior Moments" that happened to be aligned?

originally posted by: 1947boomer

originally posted by: carewemust
Thursday, May 25, 2023

.....

Why didn't the White House come to Congress before the money ran out in January?

.....
-CareWeMust

Because it's not the White House's job to go to Congress.

Article I, Section 8, Clause 1:

"The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States; . . ."

Get a clue.

OK Smart guy/girl/other...WHY didn't Pelosi/Schumer/Biden work during the 4th Quarter(or earlier) in 2022 to prevent the bill-paying account from running out of money?

a reply to: Gothar

YEP...Californians pay through the nose. Taxes and Fees are incredible. I went to San Diego and LA last month. Believe it or not, Chicago is a paradise by comparison in several ways.

originally posted by: carewemust

...

Why didn't the White House come to Congress before the money ran out in January?

...

-CareWeMust

Clearly because THAT WAS THE PLAN ALL ALONG!
:

Please don’t act like this just came to light.
It’s been in the news since January.
With Yellen yellin at speaker to get his crap together asap.
In January.

If we taxed the extremely wealthy a reasonable rate.
We’d be in a better position/ and not have to cut social programs. Like V.A. Budget

Who do they owe money to, who bales them out.? Such a weird thing this digital money, what would happen if everyone's debt is wiped clean?

originally posted by: spacedoubt
Please don’t act like this just came to light.
It’s been in the news since January.
With Yellen yellin at speaker to get his crap together asap.
In January.

If we taxed the extremely wealthy a reasonable rate.
We’d be in a better position/ and not have to cut social programs. Like V.A. Budget

If the gov't quit spending money like drunken sailor on shore leave we'd be in a better position.

Giving the gov't more tax money is like giving an indebted drunken partying college freshmen a credit card.

originally posted by: incoserv

originally posted by: spacedoubt
Please don’t act like this just came to light.
It’s been in the news since January.
With Yellen yellin at speaker to get his crap together asap.
In January.

If we taxed the extremely wealthy a reasonable rate.
We’d be in a better position/ and not have to cut social programs. Like V.A. Budget

If the gov't quit spending money like drunken sailor on shore leave we'd be in a better position.

Giving the gov't more tax money is like giving an indebted drunken partying college freshmen a credit card.

We hear that every year though.
I wouldn’t let that stop us from DEMANDING that the Uber rich just pay a fair share. That’s it. Just a fair share.
25-30 percent like the rest of us schmucks.

I do agree that accountability should be at the forefront.

a reply to: carewemust

Since Jan. 19, the U.S. Treasury has been taking what it calls "extraordinary measures," temporarily moving money around, to prevent the government from defaulting on its debts.

But the Treasury said it expected those measures could only last until early June.

These "extraordinary measures" can also be considered (in accounting terms) as off-book borrowing known to the rest of us mere mortals as "Robbing Peter to pay Paul".

The same amount of money that has been diverted and used to keep up on critical debt/bond repayments remains (over) due to its original intended obligations and will need to be repaid at some point very soon (the June deadline) potentially with additional compensatory payments to cover the losses incurred because of the missed/late payments.

This diverted money represents 5+ months of debt/bond repayments and is unlikely to be an insignificant amount, it must be repaid, it was never spare money. There are only 2 real ways to achieve this; spending cuts or increased borrowing.

Any individual who has done this type of juggling of finances in a personal capacity and found themselves on the brink of default (bankruptcy) knows full well that further borrowing is not the answer, it simply pushes the problem out a little while making the problem a lot bigger.

Just my 2c but it appears to me that the debt ceiling is already extended, it just hasn't been admitted to yet.

originally posted by: Gothar
Ok..... Democrats bad. Ok got it, whatever. Only extreme MAGA cares, yada yada yada. Even since before the "Democrats" held the oval office, our government spent more each day then it made. On average we spend 17 billion dollars a day, but take in 14 billion dollars a day. Hence the reason we keep having to raise the debt limit, and it doesn't matter which idiotic political party is in charge. Remember, Trump did it 3 times during his legacy. Bush did it, Obama did it, Clinton, Reagan.

However, here's a gimme for the " only democrats are bad " group. A lot of our bills are paid in tax revenue, right? Honest Americans paying their god given due to society, excluding the large corps we gave huge tax breaks to because....'Merica. But which state provides the most taxes to fund our government services? Good old drag queen loving California! Something around 11% of all tax revenues collected by the U.S.A. come from a bunch of tree hugging commies! Guess who just extended their tax filing until October due to declared natural disasters? Yup! You may actually get to blame the current status on...........f'ing wait for it....... DEMOCRATS!

this is what it looks like when you realize you can't defend your side.

originally posted by: spacedoubt

originally posted by: incoserv

originally posted by: spacedoubt
Please don’t act like this just came to light.
It’s been in the news since January.
With Yellen yellin at speaker to get his crap together asap.
In January.

If we taxed the extremely wealthy a reasonable rate.
We’d be in a better position/ and not have to cut social programs. Like V.A. Budget

If the gov't quit spending money like drunken sailor on shore leave we'd be in a better position.

Giving the gov't more tax money is like giving an indebted drunken partying college freshmen a credit card.

We hear that every year though.
I wouldn’t let that stop us from DEMANDING that the Uber rich just pay a fair share. That’s it. Just a fair share.
25-30 percent like the rest of us schmucks.

I do agree that accountability should be at the forefront.

I really wish folks like you could go look at the books of the rich, so you could grasp what happens with their money. To think that they just keep their Benjamin's to themselves and roll in them is comical. Find a good CPA and ask them. Or do the Biden Blurb and keep whispering "fair share". DERP.

a reply to: carewemust
They’ve been kicking the can down the road for months, and now they decide to leave for the long weekend on a Thursday. is Friday not a work day for these clowns?

They seem to not take this as serious as a gov shut down, this makes zero sense.

originally posted by: Gothar
Ok..... Democrats bad. Ok got it, old drag queen f'ing DEMOCRATS!

You started and ended strong… that being said… who controlled the purse strings in both chambers of congress last year… so hey… look at that… you were right… this is the fault of “old drag queen f’ing DEMOCRATS”… good show… 😜👍