05/19/2023

If the Government Defaults, Here Are the Payments at Risk

The GOP and Democrats can't reach an agreement - so far

In a matter of days, the United States could fall behind on its financial obligations unless Congress and the White House break a deadlock over the debt limit and allow more borrowing.

The Treasury Department is up against the $31.4 trillion debt limit.

Without a resolution, the Treasury will not be able to fulfill all of its payments: The government will still collect revenue, mainly through taxes, but it won't have enough to cover a large portion of its expenses until lawmakers raise the debt ceiling. (The U.S. spends more money than it takes in most years, which means it needs to keep borrowing.)

Please select this link to read the complete article from The Washington Post.