How a U.S. debt default would affect American households

So, what would happen to average Americans if the government defaults on its financial obligations?Following Yellen's announcement Monday about running out of time to pay bills,This was predictable. In fact, the U.S. did default once, by accident. In 1979, a series of events including the failure of word-processing equipment caused a temporary delay in payments to investors redeeming U.S.

Meanwhile, businesses would have more trouble getting loans — and, as a result, hiring more workers, Gleckman noted. In other words, it would have to consider whether to pay bondholders before releasing Social Security and Medicare funds.

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