Even if the Treasury Dept. were to take the GOP’s suggestion seriously, it wouldn’t prevent the dire economic consequences: Republicans would still cause a crash. (via MaddowBlog)
Treasury Secretary Janet Yellen is ruling out a potential proposal from House Republicans that calls for triaging payments after the exhaustion of “extraordinary measures” to avoid default on the federal debt. ... The draft GOP proposal, reported by The Washington Post, would buy time on the debt limit. But the debt prioritization it leans on would essentially be picking winners and losers on who gets paid, pitting Social Security recipients against, say, U.S. military personnel.
If Democrats refuse to go along with the extortion scheme, the U.S. government will default on its obligations for the first time and an economic catastrophe will ensue.that House Speaker Kevin McCarthy, as part of his desperate bid to receive the gavel, reached a “private deal” with his members to push an"emergency" plan related to the party’s debt ceiling crisis.
The second reason this is stark raving mad is that it would create an obvious political nightmare for the Republicans who support such an approach. As the Post, “A hypothetical proposal that protects Social Security, Medicare, veterans benefits and the military would still leave out huge swaths of critical federal expenditures on things such as Medicaid, food safety inspections, border control and air traffic control, to name just a handful of thousands of programs.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
(OFFICIAL) Treasury's Yellen breaks ground on rural electrification project in SenegalU.S. Treasury Secretary Janet Yellen on Saturday helped kick off a new rural electrification project in Senegal that will bring reliable power to 350,000 people, while supporting some 500 jobs in 14 U.S. states.
Read more »
U.S. Treasury's Yellen says IRS needs to be 'completely redone'U.S. Treasury Secretary Janet Yellen on Sunday said rebuilding the Internal Revenue Service would be one of her top priorities in coming years, putting her squarely at odds with Republicans who have taken control of the House of Representatives.
Read more »
US Treasury’s Yellen says IRS needs to be ‘completely redone’Republicans sought unsuccessfully to slash tens of billions in IRS funding from the law.
Read more »
US Treasury Sec. Yellen: Overall good feeling that inflation is coming downUS Treasury Secretary Janet Yellen said on Monday that overall, she has a “good feeling that inflation is coming down.” “US labor market is still very
Read more »
Yellen says debt standoff risks ‘calamity’Asked in the interview about talks of withholding approval for a higher debt limit unless there are accompanying spending cuts, Yellen called that stance “a very irresponsible thing to do” and said it could have serious consequences.
Read more »
Door of No Return: Yellen visits onetime slave-trading postU.S. Treasury Secretary Janet Yellen has paid a solemn visit to an island off Senegal that is one of the most recognized symbols of the horrors of the Atlantic slave trade that trapped tens of millions of Africans in bondage.
Read more »