The doomsday scenarios if the U.S. defaults

Published: May 17, 2023, 10:09 p.m.

b'

Today on \\u201cPost Reports,\\u201d what could happen if the United States government fails to raise the debt limit by the deadline.


Read more:


Yesterday, President Biden met with congressional leadership to talk about the \\u201cX date\\u201d; that\\u2019s the date after which the Treasury projects the U.S. government would no longer be able to pay its bills. The \\u201cX date\\u201d is June 1, and if a deal isn\\u2019t struck by then, the United States would default on its debt.


If the United States were to default, that could mean a variety of catastrophic economic consequences: millions of federal workers furloughed; Social Security and Medicare payments suspended; a stock market collapse; an economic recession.


White House economics reporter Jeff Stein explains these \\u201cdoomsday\\u201d scenarios and breaks down what could happen to the U.S. economy, and even the global economy, if a deal isn\\u2019t reached.

'