Implications of US Default on Loans: Programs, Global Economy, National Security, and Janet Yellen's Warning.

The US could face an economic crisis in June if Congress fails to raise the debt ceiling before the deadline, which would affect many US households and government programs. If an agreement is unable to be reached in time, government programs such as Social Security, veteran benefits, and healthcare programs could be affected. Other possible effects of the default on US households include a decrease in the country's credit rating, an increase in interest rates, and a potential uptick in unemployment.