Today is Thursday, May 23, 2023. Congress has little time to act on the debt ceiling issue for the United States of America. The time limit is June 1, 2023. If an agreement is not achieved, Americans will have dire financial consequences. The Treasury Secretary of the United States, Janet Yellen expects that America will not be able to pay all of its debts within about one week. She commented, “With an additional week of information now available, I am writing to note that we estimate that it is highly likely that Treasury will no longer be able to satisfy all of the government’s obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1.” Raising the debt ceiling, which means allowing the United States to “borrow” more funds, would alleviate dire immediate consequences.
America is on the edge of defaulting on its current debt. This would mean economic disorganization and chaos. Social Security beneficiaries, single investors, and millions of Americans are at risk in this fray.
In the history of the United States, it has never been in default. The ability to be a strong economic global power has been a proud stance for all Americans throughout history. The United States Treasury Department has enough to cover some obligations, but clearly not all.
On Sunday, May 21, 2023, President Joe Biden was asked what action he has been considering in relation to the impending debt ceiling crisis. He was in Japan at the G7 Summit as stressful negotiations continue between the White House and congressional Republicans.
"I'm looking at the 14th Amendment," the President told reporters in Japan. "As to whether or not we have the authority, I think we have the authority."
Utilizing the 14th Amendment to the Constitution of the United States would almost surely be litigated, possibly all the way to the Supreme Court. Critics indicate that the uncertainty of this action could have just as severe consequences as failure to reach a deal.
Weeks ago Biden stated, "We have not come up with a unilateral action that could succeed in a matter of two weeks or three weeks, that's the issue."
The current issue is now on a short-timer. June 1st is only nine (9) days away.
The global platform is waiting and watching…