Debt ceiling drama: What happens to the economy and your wallet if a deal is struck or not.

Could the government pay Social Security and other bills if the debt limit isn't raised?

Then, on June 15, the $125 billion in tax receipts arrive while the $145 billion in extraordinary measures take effect in late June, providing some breathing room until sometime in July, Oxford says. Van Houten says even a crisis that lasts more than a few days would batter the economy and job market.The Center on Budget and Policy Priorities says the damage to the economy would be similar because not paying Social Security beneficiaries, for example, still raises questions about the nation’s creditworthiness. And Treasury Secretary Janet Yellen has said not paying any bills amounts to a default.

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White House and GOP Reportedly Nearing Agreement to Raise Debt CeilingSen. Bernie Sanders said late Thursday that cuts to aid programs for vulnerable people should be “off the table” entirely as Republican negotiators and the Biden White House reportedly closed in on a deal that would raise the debt ceiling.
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