DAA Daily

October 19 Showing Early Signs Of Being A Catastrophic Day For The US Economy

By Tina Fares

The United States could possibly be weeks away from failing to pay its debt for the first time. CNN states that it could hit the debt ceiling days before or after October 18.

According to CNN, the $28.4 trillion debt limit was restored on August 1. Secretary Janet Yellen has been keeping the nation’s finances on standby using emergency measures. These steps allow the government to borrow additional funds without breaching the debt ceiling. However, Yellen warned lawmakers that if Congress fails to raise or suspend the debt ceiling, the federal government will use up those extraordinary measures by October 18.

CNN states that in a letter written to Congress, Yellen writes that at this point Treasury is expected to be left with very limited resources that would be consumed quickly. It is uncertain whether they will be able to continue meeting all commitments after that date.

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