The Blubber

Yellen is calling CEOs personally to warn on US debt ceiling, per  Reuters.

Yesterdya, the National Association of Government Employees (NAGE) have decided to come together and sue US President Biden and Treasury Secretary Janet Yellen should political talks on national debt ceiling raises fail.

These US gov't employees asked a federal judge to order Yellen to continue borrowing to keep the government open should the talks fail. The move by the gov't employees was to ensure that what happened in 2019 wouldn't happen again.

In 2019, the US government experienced a shutdown when the Mexican border wall by President Donald Trump wasn't supported. During that time, the Democratic Congressional leaders refused to fund it.

NAGE is a union that represents government employees in the military and federal agency field, comprised of 75,000 members. The union's lawyers gave a statement regarding what they are trying to accomplish.

NAGE: “While not challenging here in principle the controversial proposition that Congress can limit the indebtedness of the United States, plaintiff asserts that Congress may not do so without at least setting the order and priority of payments once that limit is reached, instead of leaving it to the president to do so,”

Yellen has warned that as early as June 1, the US government could run out of cash. She warned that not raising the US debt ceiling would lead to what she described as an "economic catastrophe."