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What is Debt Ceiling Crisis: Key Impacts Explained about?

If the debt ceiling is not raised by August 2nd, the United States will face severe economic consequences according to experts. There will be a $4 billion daily shortfall in revenues, requiring a 44% cut to all federal spending. Only entitlement programs like Social Security and Medicaid along with military contracts could be protected. Credit rating agencies will downgrade US debt from AAA to D, increasing borrowing costs. A debt default could spike Treasury yields by 25-50 basis points, costing an additio

Author

The Partnership for a Secure Financial Future

Language

EN