![]() ![]() ![]() Absent any action by Congress soon, the Treasury will run out of cash. Since then, Treasury has employed a host of temporary extraordinary measures to preserve cash, curtail the issuance of Treasury securities, and avoid breaching the statutory debt limit, but these strategies have a finite lifespan. The federal government has been operating on borrowed time since the debt limit was reinstated on August 1. Yellen was unable to give an exact date on which Treasury’s cash reserves would be insufficient to meet its obligations but did say, “the most likely outcome is that cash and extraordinary measures will be exhausted during the month of October.” debt limit condition to DEFCON 2: default is not imminent, but it’s getting really, really close. ![]() In a letter sent to Congressional leaders this week, Treasury Secretary Janet Yellen essentially elevated the U.S. For example, DEFCON 1 would signal the outbreak of nuclear war. It increases in severity from DEFCON 5 (least severe) to DEFCON 1 (most severe) to match varying military situations. The United States Armed Forces uses an alert system called the “defense readiness condition” (DEFCON) to describe different levels of readiness, or states of alert, for military personnel. ![]()
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