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☆ As Social Security's funds face insolvency, experts say these are key factors to watch
▼ + stars: | 2024-05-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Phoenix Wang | Moment | Getty ImagesA new Social Security trustees report released on Monday provides a modest bright spot for the program. watch nowThe trust fund shortfall may be addressed through tax increases, benefit cuts or by taking funds from general revenues, he said. But Social Security is poised to be an issue in the upcoming House, Senate and presidential campaigns, he said. Here are some key revelations to note from this year's Social Security trustees report. If there is a major recession, many workers who are at the margin may apply for disability benefits, he said.

Persons: Wang, Jason Fichtner, Fichtner, Max Richtman, Laura Haltzel Organizations: Social Security, Center, Committee, Budget, National Committee, Preserve Social Security, Social, Congressional Research Service

☆ The Senate just passed the debt ceiling bill. Here’s what happens next
▼ + stars: | 2023-06-02 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Since the debt ceiling was breached in mid-January, the Treasury Department has not been able to borrow more money. What happens once the debt ceiling is raisedBy law, the Treasury Department is obligated to make any funds that were affected by the extraordinary measures whole. Unlike Treasury bill auctions that occur on a weekly and monthly basis, cash management bill auctions are irregular, though not uncommon. Over the past 25 years, the Treasury held six one-day cash management bill auctions. In turn, investors may opt to buy more Treasury bills instead of stocks, potentially sucking some liquidity out of the market.

Persons: Joe Biden, States ’, They’re, wasn’t, Biden Organizations: New, New York CNN, US Department of, Treasury, Treasury Department, Civil, Disability Fund, Postal Service, Congressional, CBO Locations: New York, States, United States

☆ Treasury's Yellen says June 5 is last date for debt ceiling to be raised
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 26 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday set a deadline for raising the federal debt limit, saying the government would default if Congress does not increase the $31.4 trillion debt ceiling by June 5. Yellen had previously said a default could potentially happen as early as June 1, but is now characterizing June 5 as the precise deadline. "We now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5," she wrote. Democratic and Republican negotiators appeared within reach of a deal on Friday but still struggled to resolve thorny differences. In a letter to Congress, Yellen said her department will make more than $130 billion of scheduled payments in the first two days in June, including to veterans and Social Security and Medicare recipients.

☆ US debt limit default could hit in early June to early August -think tank
▼ + stars: | 2023-05-09 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, May 9 (Reuters) - The U.S. government will begin defaulting on its payment obligations between early June and early August without an increase in the federal debt limit, the Bipartisan Policy Center said on Tuesday, flagging pressure from a drop in tax revenue. The Bipartisan Policy Center (BPC), which closely monitors debt limit disputes in Congress, had estimated in February the X-date could come between summer and early fall, but now sees a default hitting much earlier if Congress fails to raise the $31.4 trillion U.S. borrowing cap. "The coming weeks are critical for assessing the strength of government cash flows," Shai Akabas, BPC director of economic policy. The think tank's latest estimate roughly agrees with the Congressional Budget Office's revised assessment that there is now a "significantly greater risk" of an early June default. Later on Tuesday, President Joe Biden is scheduled to meet with U.S. House of Representatives speaker Kevin McCarthy and other congressional leaders to discuss options to resolve the debt limit standoff between Democrats and Republicans.

House Republicans passed a bill to raise the debt limit last week that includes steep spending cuts which the Democratic-controlled Senate and Biden say they will not approve. Biden has steadfastly said he will not negotiate over the debt ceiling increase, but will discuss budget cuts after a new limit is passed. In 2011, a similar debt ceiling fight took the country to the brink of default and prompted a downgrade of the country's top-notch credit rating. The Republican bill would implement $4.5 trillion in spending cuts - or about 22% - in exchange for a $1.5 trillion increase in the U.S. debt limit. It has no chance of passing the Democrat-controlled Senate and the White House has said Biden would veto the legislation.

Here are some key moments in the months ahead:FEB. 1The Treasury Department will release a quarterly document next week laying out how it plans to fund the government over the next three months. The document, which includes information on debt the Treasury will issue, could shed light on the timing of a possible default. Data regarding government income could be an important factor in determining the so-called "X date," or the day when the government will stop paying its bills. Normally, these funds would be reinvested, but the Treasury Department has said it could use the proceeds to help make needed payments. JULY-OCTOBERMost analysts see the true X date occurring somewhere between July and October.

☆ Factbox: The U.S. Treasury's tools to avoid breaching debt limit
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +5 min

Here's a rundown of the Treasury's tools to keep borrowing under the limit. Slugs issues, which count against the debt limit, have recently averaged $6 billion per month, but monthly volumes vary. Savings bond sales increased the federal debt by just $5.7 billion since the start of the 2023 fiscal year last October. SWAP FEDERAL FINANCING BANK DEBTThe Federal Financing Bank can issue up to $15 billion in debt on behalf of other government agencies that is not subject to the debt limit. So the Treasury could exchange FFB debt for other debt to reduce the total amount subject to the limit.

☆ Treasury tells Congress it will suspend some federal retirement funding after debt limit breach
▼ + stars: | 2023-01-24 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

The U.S. Treasury will suspend full funding of a federal retirement program, the latest in a string of actions it has taken to prevent default after the government hit its debt ceiling, Treasury Secretary Janet Yellen told congressional leaders Tuesday. The Treasury is taking so-called extraordinary measures to keep paying its bills after it breached its $31.4 trillion borrowing limit Thursday. Lawmakers are trying to strike a deal to lift the U.S. borrowing limit and prevent a first-ever default on U.S. debt. Some members of the new Republican House majority have pushed to tie spending cuts to an increase in the borrowing limit. Yellen on Tuesday said interest-bearing securities for the Government Securities Investment Fund, or the so-called "G Fund," will be underfunded until the debt limit is increased or suspended.

☆ The U.S. hit the debt ceiling — here's what that means for your money
▼ + stars: | 2023-01-21 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

The U.S. hit the debt ceiling on Thursday, which forced the Treasury Department to begin taking so-called "extraordinary measures" to continue paying the government's bills. Read on for the answers to the most relevant questions about the debt ceiling, and why, as a long-term investor, you shouldn't be paying too much attention to the headlines. Remind me — what's the debt ceiling again? Where does the debt ceiling stand now? Aside from stock market volatility, you'd see ramifications across the economy.

☆ U.S. Treasury launches debt limit cash management measures
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Jan 19 (Reuters) - The U.S. Treasury Department on Thursday began using extraordinary cash management measures to continue borrowing under the federal debt limit, Treasury Secretary Janet Yellen told congressional leaders. She said she took similar measures for the Postal Service Retiree Health Benefits Fund. "As I stated in my January 13 letter, the period of time that extraordinary measures may last is subject to considerable uncertainty, including the challenges of forecasting the payments and receipts of the U.S. Government months into the future. I respectfully urge Congress to act promptly to protect the full faith and credit of the United States." Reporting by David Lawder; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Yellen says Treasury is taking extraordinary measures to avoid default as U.S. hits debt limit
▼ + stars: | 2023-01-19 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. The Treasury Department started taking so-called extraordinary measures to keep paying the federal government's bills as the U.S. hit its debt limit Thursday, Treasury Secretary Janet Yellen said. The Treasury secretary told lawmakers Friday that she believes the extraordinary steps could allow the government to pay its obligations until early June. The Treasury secretary warned last week that the U.S. government would hit the statutory debt ceiling on Thursday, after which extraordinary measures would be taken to keep the government from defaulting on its debt obligations. The U.S. government has not defaulted on its debt, but the debt ceiling has been raised 22 times from 1997 to 2022, according to the Government Accountability Office.

☆ A debt ceiling standoff may trigger 'serious' fallout for Americans, warns economist. Here's what it means for you
▼ + stars: | 2023-01-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Kevin Dietsch | Getty Images News | Getty ImagesThe U.S. may be about to hit its debt ceiling. Here's what the debt ceiling is, and what makes it so important for consumers. What is the debt ceiling? The debt ceiling is the amount of money the U.S. Treasury is authorized to borrow to pay its bills. Congress can raise or temporarily suspend the debt ceiling in the interim to avert a debt-ceiling crisis — something lawmakers have done many times in the past.

☆ Long Covid patients can face a battle trying to claim benefits through their workplace disability insurance
▼ + stars: | 2022-12-20 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +8 min

Many workers get disability coverage via an employerAn estimated 43% of private industry workers have access to short-term disability insurance through their employer, according to the Bureau of Labor Statistics. Long-term disability insurance, which is intended to kick in when necessary after short-term disability benefits run out, is available to 35% of workers. After 10 weeks of struggling, he filed another short-term disability claim when it was clear he was not improving. Toward the end of 2021, with five doctors agreeing that his condition was disabling, he again filed a long-term disability claim. In fact, cases involving denial of long-term disability benefits for long Covid are cropping up around the country.

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