What would occur if the government went into debt default?

Having just a few days remaining for Congress to prevent failing on more than $31 trillion in debt, emotions are running higher in Washington.

Legislators have feared economic disaster if they fail to come to a compromise.

In addition, it might be the 1st time in history that the government couldn’t pay its bills, which might have an impact on your ability to do the same.

The present shutdown might heavily harm the 67 million Americans who receive Social Security benefits if the government is unable to fulfill its responsibilities.

“A pledge, Social Security is. It’s an agreement,” claimed Alex Lawson, the executive director of the progressive advocacy organization Social Security Works. They are currently discussing breaching that pledge for the initial time.

As early as June 1 might bring about a default and its consequences.

The U.S. defaulting on its debt would be a “financial and economic” catastrophe, according to Treasury Secretary Janet Yellen this week.

Lawson stated that the default might represent a historical first and that there is no way of knowing what might occur to the payouts in a conversation with Scripps News.