Social Security benefits, veteran payments are more are on the line in the ongoing debt-ceiling debacle.
"A technical default would also have severe consequences for millions of people. Social Security recipients, veterans, U.S. military employees, government employees, defense contractors, among others would likely go unpaid," said John Lynch, chief investment officer for Comerica Wealth Management. "The downstream effects of job losses and freezing of the credit markets would be a multiple-quarter negative hit to GDP, making a deeper recession all but certain.
Here is a closer look at the ordinary Americans who would be hit the hardest by a first-ever debt default.WHAT IS THE DEBT CEILING, AND WHAT DOES IT MEAN FOR YOUSocial Security could be among the first government programs to face spending cuts in the event of a default, according to aSocial Security benefits"Realistically, on a day-to-day basis, fulfilling all payments for important and popular programs would quickly become impossible," the BPC report said.
The government is scheduled to pay $12 billion in veteran benefits and $10 billion in military pay and retirement funds on June 1, according to the BPC findings."Because there is no precedent for a default, it is difficult to know the precise impacts on specific federal programs," Terrence Hayes, spokesperson for the Department of Veterans Affairs, told FOX Business.
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