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What would happen if the us defaulted on its debt
Manage episode 362967050 series 3443444
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A default could trigger millions of layoffs and would put a (temporary) stop on tax refunds and Social Security, Medicare, and national debt interest payments. How the Treasury puts it: The United States would be “right back in a deep economic hole, just as the country is recovering from the recent recession With less than a month before the United States runs out of money, President Joe Biden and House Speaker Kevin McCarthy were finally scheduled to have a quick, carefree chat Tuesday afternoon about how to keep America from careening into a never-before-seen debt crisis that could drag the global economy down with it.
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