For example, a default could lead to a lapse in the $90 billion monthly Social Security payments made to 65 million recipients, the National Committee to Preserve Social Security and Medicare told USA Today.
WASHINGTON – The United States government hit its debt ceiling Thursday. What could an impasse on wrangling over raising it mean for your wallet?
But saber rattling by Republicans that they will demand spending cuts to go with an increase in the cap have raised concern it could push the U.S. government into default, affect its credit rating and harm economic markets around the world. . Funding for various government functions could also be hit. National defense, for example, could see an impact if salaries of active-duty military personnel are frozen.Yellen, in her letter to Congress, suggested that issuance of tax refunds could be delayed if the debt ceiling isn’t raised.
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