The Debt Ceiling and Its Implications

The term “catastrophic” is in the news frequently these days, from describing the Harvey-related flooding in Texas to the size of Hurricane Irma and its potential impact. But the term is also popping up in relation to the implications associated with the relentless march toward October 1 and the scheduled expiration of funding to operate the federal government. Absent a debt-ceiling deal, Treasury Secretary Steven Mnuchin has cited the possibility of a default on U.S. legal obligations as an “unprecedented event in American history,” and the Federal Reserve’s Federal Open Market Committee has pointed toward the potential for “prioritization of debt payments” as a potential outcome. Yahoo Finance writer Ethan Wolff-Mann examines the comments made by Mnuchin and the FOMC, and hypothesizes on what this situation might mean for Social Security. Read his article here…


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