Yield Curve Inverts As Mnuchin Warns Congress Of “Extraordinary Measures” To Avoid Debt Ceiling

I cannot believe the Republicans are extending the debt ceiling—I am a Republican I am embarrassed!

— Donald J. Trump (@realDonaldTrump) January 23, 2013

zerohedge.com / by Tyler Durden / Mar 9, 2017 1:55 PM

With the Treasury cash balance collapsing near zero, Treasury Secretary Mnuchin has written to Congress to warn them that Treasury will need to start taking extraordinary measures when statutory limit on U.S. debt is reinstated on March 16.

A copy of the letter dated March 8 was posted on Treasury website:

“Treasury anticipates it will need to start taking certain extraordinary measures in order to temporarily prevent the United States from defaulting on its obligations”

Treasury will suspend the sale of State and Local Government Series (SLGS) securities, which count against the debt limit, as of March 15 and “until the debt limit is either raised or suspended” As it’s done in the past, Treasury will use additional extraordinary measures. Mnuchin says that “honoring the full faith and credit” of U.S. outstanding debt is a critical commitment.

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Read more ... source: The Bitcoin Channel

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