Social Security, healthcare, veterans likely casualties of US debt default

📆 5/25/2023 3:15 AM
📰 trtworld

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Clock ticks down on what US government says is a June 1 'X-date' for it to run out of money and trigger likely devastating economic upheaval as tug-of-war between Republicans and Democrats continues

Treasury Department reportedly asks federal agencies to look into the feasibility of deferring scheduled payments if the US blows through the debt ceiling. / Photo: Reuters

House Speaker Kevin McCarthy on Wednesday has said the debt default standoff was"not my fault" after he sent Republican negotiators to the White House to finish the talks, while the White House blamed Republicans led by McCarthy for risking a devastating default that would hit"every single part of the country".

While the probability that policymakers fail to lift or suspend the debt ceiling remains low, the risks of the United States stumbling into a situation where it cannot meet all its financial obligations — known as the"X-date", rises with every day that passes.

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'It’s not their money’: Older Americans worried debt default means no Social SecurityThe consequences of a debt default could be dire, including for older Americans who need the money to pay for basic needs such as food, housing or health care costs.
Source: ABC - 🏆 471. / 51 Read more »