Failure to raise the nation’s debt ceiling, now at $31 trillion, to pay America’s already incurred bills would risk a potential federal default. Retirees and social services groups are already making default contingency plans.
President Joe Biden and House Speaker Kevin McCarthy are working to reach an agreement. Republicans are demanding that any deal must cut federal spending in exchange for raising the debt ceiling. If there is not an increase, the United States could run out of cash as soon as June 1.
Social security checks would be delayed, food stamps and Medicaid would be affected, members of the military may see a delay in pay, just to name a few.
So we want you to tell us, how would a federal default affect you or your family? Answer in the form below and your response may be read on a Channel 4 newscast.