June 18, 2024



Emergency Cash-Saving Measures Enacted to Stop US From Defaulting on Trillions in Debt



Congress pumped over $6 trillion in cash into the economy over the past year-and-a-half in response to the coronavirus pandemic, with the federal debt reaching over $28.5 trillion in June. Combined US debt, which includes federal liabilities plus other public and private obligations, stands at over $85 trillion, or four times the US’ annual GDP.

The Treasury Department moved to invoke “extraordinary measures” on Monday after Congress failed to agree to extend the suspension of the debt ceiling before departing for its six-week vacation.

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