The Impending Debt Ceiling Crisis: Who Will Suffer the Most?

Unless a deal is reached on the debt ceiling, government payments for programs such as Social Security, Medicare, and Medicaid, as well as military salaries and veterans benefits, could be at risk of going unpaid or being delayed. Treasury Secretary Janet Yellen maintains the nation could be unable to pay all of its bills in early June, possibly as early as June 1, though the exact date remains unclear. President Joe Biden and House Speaker Kevin McCarthy have been adamant the U.S. won't default, but still remained "far apart" on a solution on Wednesday.