🌟 [ 90 ]   U.S. could hit debt limit by Oct. 18, Yellen says [ @CNBC Television ]

CNBC s Ylan Mui breaks down Treasury Secretary Janet Yellen s latest comments from Capitol Hill. For access to live and exclusive video from CNBC subscribe to CNBC PRO: [ 🔗 클릭‼️ ] Lawmakers have less than three weeks to raise the debt limit or risk a first-ever default, which would trigger a broad market sell-off and put a stranglehold on everything from government payments to the ability to borrow. “It is imperative that Congress swiftly addresses the debt limit,” Treasury Secretary Janet Yellen said in remarks to the Senate Banking Committee. Failing to act could spark an economic catastrophe, Yellen also said. “Nearly 50 million seniors could stop receiving Social Security checks for a time. Troops could go unpaid. Millions of families who rely on the monthly child tax credit could see delays. “In a matter of days, millions of Americans could be strapped for cash.” The federal debt is the amount of money the government currently owes for spending on payments such as Social Security, Medicare, military salaries and tax refunds. The debt limit allows the government to finance those existing obligations. “Raising the debt ceiling doesn’t authorize additional spending of taxpayer dollars. Instead, when we raise the debt ceiling, we’re effectively agreeing to raise the country’s credit card balance,” Yellen has said. In the worst-case scenario, the federal government would default, at least temporarily, on some of its obligations, including those Social Security payments, veteran’s benefits and salaries for federal workers. Social Security, which was created in 1935, has never missed a benefit payment. However, checks could be delayed for weeks, or even longer, if Congress fails to either raise or suspend the debt limit, the National Committee to Preserve Social Security and Medicare recently warned. Social Security is self-funded yet the program is drawing down from its trust funds, which include Treasury bonds, to pay be .

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🌈 🔎 UScouldhitdebtlimitbyOct18Yellensays 🌈