All the hand-wringing over a potential government default if Congress doesn’t increase the national debt limit has conjured up images of past government shutdowns.
doesn't increase the government's $31.4 trillion debt ceiling has conjured up images of past government shutdowns. In shutdowns, "essential" workers — TSA agents and such — showed up, but most federal employees stayed home. Work piled up in offices, and litter piled up in untended national parks.America very well knows what happens in a shutdown — it's had four of them in the past 30 years.
A default would occur if the government exceeds its legal borrowing limit and can no longer pay all its creditors or pay for existing programs. He added that there is "massive uncertainty" about when the U.S. would reach its X-date, the moment when it no longer can borrow money to pay bills. Yellen this week said it would destroy jobs and businesses, and leave millions of families who rely on federal government payments to "likely go unpaid," including Social Security beneficiaries, veterans and military families.
So while Social Security recipients, for instance, continued to receive automated payments and scheduled checks during a shutdown, Akabas said, it’s not so clear that they would get paid in a default.
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