Yes, our Shameless Politicians, who never miss out on an opportunity go engage in a shameless act, did it again. They almost caused the United States to default on its debt. This is even with the Secretary for the United States Department of the Treasury, Janet Yellen sending no less than four letters reminding and urging Congress to take action to raise the debt limit to avoid default and a government shutdown. Although the Shameless Politicians are likely to be substantially unaffected by the consequences of their shamelessness, many students, faculty, and staff members here are Tri C are likely to experience adverse conditions if the United States government defaults and thereby shuts down.
What is the debt limit? According to www.home.treasury.gov, the “debt limit” is the total amount of money the United States government is authorized to borrow to meet its legal obligations. This includes Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and a laundry list of other payments. The Treasury’s website also provides that, the debt limit does not authorize new spending but simply allows the government to pay existing legal obligations that have previously been authorized by the legislative and executive branches of the United States government i.e., the Congress and the President.
The United States Department of the Treasury (the “Treasury”) is an executive agency of the government that is responsible for promoting economic prosperity and ensuring the financial security of the United States. A major part of its mission is to maintain a strong economy and create economic and job opportunities. The Treasury tries to accomplish its mission by promoting conditions that enable economic growth and stability in the United States and abroad, strengthening national security, and managing the United States government’s finances and resources effectively.
The debt level was first implemented in 1917 by Congress. A new level of congressional shamelessness has reigned since the 1960s that has required Congress to act 78 separate times to permanently raise, temporarily extend or otherwise revise the definition of the debt limit. This is a reason why Secretary Yellen wrote a letter to a group of Congressional Leaders on July 23, 2021, to inform them of the action the Treasury is taking to protect the full and faith and credit of the United States and to urge them to increase the debt limit through regular Congressional order.
Well, the Shameless Politicians engage in so many shameless acts which create so many detrimental consequences that they apparently do not know which one to focus on from day-to-day. Therefore, Secretary Yellen had to send a second letter on August 2, 2021, the third letter on September 9, and the fourth letter on September 28, 2021, to the same Congressional Leaders urging them to take action to protect the full faith and credit of the United States government.
Let you try engaging in the shameless act after shameless act and you will be called to some form of Congressional Hearing to serve as a distraction from their numerous shameless