When a new debt ceiling agreement was reached, the Republican leadership acted like they balanced the budget. What a joke. Instead, they achieved $50 billion in savings one exchange for raising the debt ceiling by $4 trillion. The Congressional Budget Office (CBO) released its report on the Fiscal Responsibility Act, and its findings found that […]
Joe Biden
Ron Paul: Republicans’ Fiscal Irresponsibility Act
By: Ron Paul The political and financial class breathed a sigh of relief when Congress passed the Fiscal Responsibility Act of 2023. The bill suspends the debt ceiling for two years, thus avoiding the establishment’s nightmare of a government default on its debt. Rather, it allows the government to continue adding trillions of dollars of […]
Treasury’s cash balance sinks below $39 billion as Janet Yellen pushes debt ceiling deadline to June 5
An interesting thing happened on the way to a potential default on the US debt. Treasury Secretary Janet Yellen confirmed in a letter to House Speaker Kevin McCarthy that the federal government would be unable to pay its bills as of June 5 if the debt limit is not raised or suspended. “Based on the […]
Treasury’s cash balance plummets 16% in one day, falls below $58 billion amid debt ceiling impasse
The U.S. Treasury Department’s bank account keeps dwindling. According to the latest Daily Treasury Statement (DTS), the Treasury General Account (TGA) Opening Balance for May 19 was $57.341 trillion, down from $68.332 billion on May 18. Remember, the cash balance at the beginning of the month was a little more than $316 billion. Fun times […]
Treasury cash balance crashes 72% since start of month as Janet Yellen tries to avert a default
The Treasury Department is running out of cash. Secretary Janet Yellen has repeatedly warned that the X-date when the Treasury can no longer prevent a default could be as early as June 1. Some said this was hyperbole, but a look at its bank account at the Federal Reserve suggests she might be right. Since […]