9/20/2023 0 Comments Bad debt expense![]() ![]() The Treasury would still be obligated to pay federal workers if they U.S. ![]() While federal agencies would still possess “legal authority, provided by Congress, to obligate funds,” they warn federal workers could also have to worry about delayed paychecks. In a recent piece, Brookings Institution senior fellows Wendy Edelberg and Louise Sheiner said Social Security beneficiaries, agencies and contractors could see their payments delayed if the U.S. What happens to Social Security payments and other benefits if the US defaults?Įxperts warn anyone relying on a check from the government could be a bind if the nation defaults. But they attache a host of partisan spending proposals to the plan that most Democrats will not support. House Republicans introduced a bill - the Limit, Save, Grow Act of 2023 - last month that would raise the debt limit by $1.5 trillion or through March 2024, whichever occurs first. Those measures involve suspending investments of certain funds that count against the debt limit, the department explained at the time. The national debt hit that threshold in January, prompting the Treasury to take emergency measures to buy time for congressional action. The debt ceiling was last raised to roughly $31.4 trillion in late 2021 after a tumultuous showdown between the White House and Senate Republicans. Doing so simply allows the government to keep borrowing money to pay expenses that were already approved by Congress and the White House. ![]() Raising or suspending the debt limit doesn’t authorize new spending. The debt limit - also referred to as the debt ceiling or the country’s borrowing limit - is a cap on how much money the Treasury can owe to cover the country’s bills. Here’s ten questions and answers about the debt limit, what’s at stake and what Washington is doing about it. ![]()
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