Here's how US debt default could affect you

This week Treasury Secretary Janet Yellen put Congress on notice. In a letter to House Speaker Kevin McCarthy, R-Calif., Yellen warned the U.S. could be unable to "continue to satisfy all of the government's obligations" by June 1 if Congress does not raise or suspend the debt limit before that time.

However, a 1996 law provides an escape clause that allows the Treasury Department to continue paying Social Security benefits, even if there is a delay in raising the debt ceiling.

Analysts say your best defense is to keep your own financial house in order. They say having emergency savings on hand and paying down debt will be more important than ever.Payments on other U.S. obligations, including for Medicare and Medicaid, SNAP food assistance, veterans' benefits, housing assistance and school lunch programs would also be at risk, inflicting pain on Americans across the country.and making it more expensive for businesses and consumers to borrow money.

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