The Devastating Impact of a US Debt Default on Americans.
TL;DR Summary
The US could run out of money to pay all its bills as early as next week if Congress fails to raise the debt ceiling. Treasury Secretary Janet Yellen has said that the US could run out of money to meet all its obligations as soon as June 1. One option for Yellen would be to pay bondholders the interest they are owed on US Treasuries first and delay paying all other bills, like Social Security and veterans benefits, until the government has enough money to do so.
- What will happen if the U.S. hits the debt ceiling? NBC News
- Who would be hit the hardest by a US debt default? Fox Business
- Analysis: How a U.S. debt default could impact Americans CBS Mornings
- So would a U.S. default really be that bad? Yes – And here's why NPR
- Congress and the debt ceiling circus The Hill
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