White House threatens economic catastrophe without action on debt limit

“Economic growth slows, unemployment rises and the labor market can lose millions of jobs,” the White House said in a new fact sheet.

Especially under this trainwreck of an admin.

fixed for laughs

That's all that seems to come out of the White House these days are threats.

All I did was make the title true.
[link to texasnewstoday.com (secure)]


The White House warned on Friday that if US Congress did not extend its debt limits, the economy could fall into recession and lead to significant reductions in national services.

The government is facing a debt limit deadline in October, after which it may not be possible to pay all bills without parliamentary approval.

Democratic President Joe Biden and his aides are trying to mediate a deal with the Republican Party to resolve a confrontation over a $ 28.5 trillion increase in federal borrowing limits.

The administration has warned legislators that the country is at risk of a new financial crisis and default of its payment obligations.

“Economic growth slows, unemployment rises and the labor market can lose millions of jobs,” the White House said in a new fact sheet.

parliamentary ?

"it may not be possible to pay all its bills without PARLIAMENTARY approval".

Which country are we talking about here, OP?

How can you default on a credit card with no limit.

5 Trillion,10 trillion what does it matter.

They will just buy more printers.

If the Dollar ever loses reserve status.Only then the shit will hit the fan.

Right?! A little curious digging revealed...

This piece from Texas News Today (never heard of them) was a rewrite from a two sources: They link to an OAN article that doesn't use the term "parliamentary", and OAN cites Reuters as the original source.

It appears Texas News Today incorrectly uses this term. More odd is they list all who contributed to what they are calling a "report":

"Report by Susan Hevy, Steve Holland, Trevor Funikat, edited by Lyssa Kasorowski, Chizu Nomiyama, Andrea Rich"

So, for this short piece, they had three writers and three editors who need a US gov/civics course.

Who TF is Texas News Today?

ETA: Their office address explains it:

Texasnewstoday.com
Survey Number 222, 1 226, Pashan – Sus Rd, Sus, Pune, Maharashtra 411021

India.

.

How can you default on a credit card with no limit.

5 Trillion,10 trillion what does it matter.

They will just buy more printers.

If the Dollar ever loses reserve status.Only then the shit will hit the fan.

We have been here repeatedly before, but I think this time it will be different. It appears that China is making demands in order to loan the USA money. It appears that Afghanistan and Taiwan were given over to them as an act of good faith. Has the Biden regime given on3e island in Hawaii to the Chinese as well? I think Biden is soo much worse than Trump was but, in fairness, the usa was going to reach this point sometime. It has been inevitable. We are at the point where, even if we raise the debt limit, the world now knows that they can and should get collateral for any further lending to the USA. I wrote to Trump in 2017 and said I know that he cannot stop the inevitable collapse. The best anyone could do was postpone it for longer. I think trump was doing all he could on that end. Most all presidents knew it would happen some day, but postponed it with stimulus to outrun the blame (political term0.

However, as it appears that more people are at the tipping point of trust on the narratives of the government, they have much incentive to crash the economy intentionally to prevent people from having any monetary base from which to foment rebellion.

There have been too many survivors from the death jab so the DS is in a panic. In terms of effective extermination of people, they screwed up. So, If you are so busy trying to take care of your family and help them survive to consider fighting any kind of battle or traveling anywhere to rebel. That's the goal anyway.

I think the crash will be in Mid October and few if any national economies of the world will ever recover from it.
And with that I would guess bank bail-ins in mid October.
If you know what that means, you won't like it.

By early December, I would guess major changes in the world and society at large will have people struggling to regain their equilibrium.

just a dog and pony show...it will be approved no matter what

Why not just go to 138 trillion....

parliamentary ?