The US government could run out of money in early September unless Congress allows the administration to borrow more, Treasury Secretary Steven Mnuchin warned on Friday (Jul 12).
The Treasury has been taking extraordinary steps since March to shuffle its cash around to continue paying its bills after hitting the US$22 trillion debt limit set by Congress.
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(1) US government essentially is a bankrupt - and rely on borrowing (already US$22 trillion in debt) to finance the government expenditure.
(2) The huge debt interest and loan to finance - far exceed its ability to finance and repay.
(3) Well done Trump for its tax cut, its huge budget deficit - and spending beyond its mean.
(4) Trump effectively mis-governed - and the UK ambassador is damned right - that Trump is "inept", "dysfunctional" - create a big mess to US and the Global affair.
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