Secretary of the Treasury Janet Yellen is at it again, sending another letter to House Speaker Kevin McCarthy (R-CA) on Monday afternoon, warning about the United States’ impending debt default. Yellen focuses her attention solely on Speaker McCarthy, who has already passed a bill to avoid default, while Democrats have failed to come up with any plans. Perhaps Yellen should address her snarky letters to President Biden or Senate Majority Leader Chuck Schumer (D-NY), who sat on their hands for two months, ignoring McCarthy’s requests to negotiate.
New Yellen letter: "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." pic.twitter.com/8curdpnnEP
— Spencer Brown (@itsSpencerBrown) May 22, 2023
The Limit, Save, Grow Act that the House passed would raise the debt ceiling, cap discretionary spending at FY 2022 levels, and avoid default, all with only GOP support. McCarthy has succeeded in outmaneuvering D.C. Democrats and partisan pundits, forcing Biden to negotiate to avoid losing the narrative. Yellen ratchets up the pressure with her latest letter, claiming that the Treasury will fail to satisfy the government’s obligations if Congress fails to act by early June.
However, the House has already acted to protect the full faith and credit of the United States with the Limit, Save, Grow Act weeks ago. The only delay comes from Senate Democrats, who have failed to do their job. It is ironic that Yellen criticizes “waiting until the last minute to suspend or increase the debt limit,” which belongs to Biden and his advisors, who refused to come to the table for two months, causing the last-minute brinksmanship Yellen decries. Congress must protect the full faith and credit of the United States by acting swiftly and responsibly, unlike Democrats who have been sitting idle for months.