US government is running out of money faster than expected, Mnuchin warns

[signalmankenneth]

(CNN)Treasury Secretary Steven Mnuchin on Friday issued a warning Friday that the US government is at risk of running out of cash sooner than expected.

In a letter to Democratic House Speaker Nancy Pelosi, Mnuchin wrote that the US might default on its obligations as soon as early September, before Congress returns from its summer recess.

"Based on updated projections, there is a scenario in which we run of out cash in early September, before Congress reconvenes," Mnuchin wrote in a letter.

The federal government has not been able to borrow money since March, when congressionally-mandated borrowing limits went back into force. The US Treasury, which is facing a growing deficit thanks in part to President Donald Trump's 2017 tax cuts, had said it had enough cash to last until the fall.

Pelosi and Mnuchin have spoken three times this week in an effort to jumpstart stalled budget and debt ceiling negotiations, and multiple sources say the new default projections have provided an accelerant for those efforts.
Mnuchin and Pelosi are likely to speak again Friday. Pelosi told reporters that she has not yet read Mnuchin's letter to Capitol Hill but she knew it was coming.

In his letter, Mnuchin called on Congress to restore borrowing power by increasing the debt ceiling before Congress departs for its regular August recess.

CNN Donna Borak




Burning through money now?!! Where are those tax cut revenues?!!

[Jack]

It's great when you own the Printing Presses.

[ThatOwlWoman]

Funny how every time an (R) president does the tax cut thing, this stuff happens. Not funny ha-ha, though.

[Althea]

(CNN)Treasury Secretary Steven Mnuchin on Friday issued a warning Friday that the US government is at risk of running out of cash sooner than expected.

In a letter to Democratic House Speaker Nancy Pelosi, Mnuchin wrote that the US might default on its obligations as soon as early September, before Congress returns from its summer recess.

"Based on updated projections, there is a scenario in which we run of out cash in early September, before Congress reconvenes," Mnuchin wrote in a letter.

The federal government has not been able to borrow money since March, when congressionally-mandated borrowing limits went back into force. The US Treasury, which is facing a growing deficit thanks in part to President Donald Trump's 2017 tax cuts, had said it had enough cash to last until the fall.

Pelosi and Mnuchin have spoken three times this week in an effort to jumpstart stalled budget and debt ceiling negotiations, and multiple sources say the new default projections have provided an accelerant for those efforts.
Mnuchin and Pelosi are likely to speak again Friday. Pelosi told reporters that she has not yet read Mnuchin's letter to Capitol Hill but she knew it was coming.

In his letter, Mnuchin called on Congress to restore borrowing power by increasing the debt ceiling before Congress departs for its regular August recess.

CNN Donna Borak




Burning through money now?!! Where are those tax cut revenues?!!

Who coulda seen that coming?

[Sailor]

Who coulda seen that coming?

Democrats. They really need to do something while the majority in the house. "Pelosi and Mnuchin have spoken three times this week in an effort to jumpstart stalled budget and debt ceiling negotiations",

[Althea]

Democrats. They really need to do something while the majority in the house. "Pelosi and Mnuchin have spoken three times this week in an effort to jumpstart stalled budget and debt ceiling negotiations",

LMAO. trump's multi billion dollar bailout of Midwest farmers, coupled with the hundreds of millions it costs the taxpayer for his golf outings, have really put a damper on the 'we have to cut spending' mantra. We pay for profit prisons $675/day to warehouse/torture immigrants at the trump camps.

[Sailor]

LMAO. trump's multi billion dollar bailout of Midwest farmers, coupled with the hundreds of millions it costs the taxpayer for his golf outings, have really put a damper on the 'we have to cut spending' mantra. We pay for profit prisons $675/day to warehouse/torture immigrants at the trump camps.

Democrat Congress is too busy chasing ghosts instead of doing the work of the people. Once again, it all comes down to Democrats not doing shit but whining. Get to work.

[Althea]

Democrat Congress is too busy chasing ghosts instead of doing the work of the people. Once again, it all comes down to Democrats not doing shit but whining. Get to work.

We both know you're smarter than that.

[Althea]

https://www.forbes.com/sites/adamand.../#46e8d04d2c43

Ten Ways President Trump's Agencies Spent $100B In A Use-It-Or-Lose-It Shopping Spree In Sept 2018

[Sailor]

We both know you're smarter than that.

That is the reason Althea. I am serious here. They are passing no funding, nor bills. Only going after Trump. The country is paying for it. Do their job, then worry about political vendettas.

[dukkha]

Congress never raised the debt ceiling??

[Althea]

That is the reason Althea. I am serious here. They are passing no funding, nor bills. Only going after Trump. The country is paying for it. Do their job, then worry about political vendettas.

Congress has passed dozens of bills, that died on McTurtle's desk. Don't stoop to that level. The budget for spending goes through September. If not for trump's idiotic trade policies, and gross theft of taxpayer dollars, the govt. wouldn't be out of money.

It's not up to Congressional Democrats to jump to attention because Republicans don't have the revenue to fund the idiot in the White House's runaway spending.

The tax cuts were supposed to

Pay for themselves

Increase revenue.


What happened? Are Republicans suddenly in favor of doing away with spending caps?

[Flash]

Funny how every time an (R) president does the tax cut thing, this stuff happens. Not funny ha-ha, though.

Most recessions occurred during high tax top rates:

1918-19: 77%
1920-21: 73%
1923-24: 43%
1926-27: 25%
1929-33: 25-68%
1937-38: 79%
1945 : 94%
1948-49: 82%
1953-54: 92%
1957-58: 91%
1960-61: 91%
1969-70: 77%
1973-75: 70%
1980 : 70%
1981-82: 69%-50%
1990-91: 28%
2001 : 39%
2007-09: 35%

[Guno צְבִי]

LMAO. trump's multi billion dollar bailout of Midwest farmers, coupled with the hundreds of millions it costs the taxpayer for his golf outings, have really put a damper on the 'we have to cut spending' mantra. We pay for profit prisons $675/day to warehouse/torture immigrants at the trump camps.

And what ever happen to the teabaggers who were very vocal when the Black guy was President

[cancel2 2022]

We both know you're smarter than that.

We all know that you're not!