This article appeared online at TheNewAmerican.com on Monday, July 15, 2019:
It was inevitable. A blind man could see it coming. With the federal government increasingly outspending its income, it was just a matter of time before the Treasury Department bumped up against the debt ceiling.
It happened on March 2. Secretary Treasury Steven Mnuchin immediately engaged “extraordinary measures” to keep the bills of Congress paid, and on May 23, he wrote the first of two warning letters to Speaker of the House Nancy Pelosi: “By reason of the statutory debt limit I will … be unable to fully invest the portion of the Civil Service Retirement and Disability Fund (CSRDF) not immediately required to pay beneficiaries.…The Treasury Department will also continue to suspend additional investments for … the Postal Service Retiree Health Benefits Fund (PSRHBF).”