Treasury Secretary Breaks the Bad News: USA Is on Course to Be Broke by October


Some people are concerned about how the U.S. national debt will affect their children. Or their grandchildren. True, it’s a bad thought; but things are worse than you might think.

Because it’s about to get very ugly. According to Treasury Secretary Janet Yellen, the nation will be flat broke in October.

October! As in next month.

If Congress does not increase the debt ceiling, the country will not be able to service its debt, Yellen said Wednesday in a letter to Congress. The secretary noted there’s a severe threat to the economy.

“Once all available measures and cash on hand are fully exhausted, the United States of America would be unable to meet its obligations for the first time in our history,” Yellen wrote.

When the treasury secretary fully writes out “United States of America” in a letter to Congress, it’s like your mother sharply addressing you by your first, middle and last name.

It’s serious.


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