US Gov Behind On Bills, 5 Ways It Will Impact You

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The US government has until 1st June to clear the $31.4 trillion debt ceiling that it hit in January.

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Exactly what would happen if the nation defaults on its debt is unknown since it’s never actually happened before. But it won’t be less than a catastrophe.

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Over 2 million federal civilian workers and around 1.4 million active-duty military members could see their paychecks delayed.

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Over 66 million retired, disabled US citizens could see their social security payments delayed if US defaults on its debt.

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Stocks could shed as much as a third of their value. The debt default could wipe out around $12 trillion in household wealth.

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If the default drags on for six weeks, more than 7 million jobs would be lost, as per Moody’s Analytics.

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The cost of borrowing money and paying off debt will also rise significantly. Increasing interest rates on loans and credit cards.

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