"Whether it's defaulting on interest payments that are due on the debt or payments due for Social Security recipients or to Medicare providers, we would simply not have enough cash to meet all of our obligations," she said Sunday on ABC's "This Week." "And it's widely agreed that financial and economic chaos would ensue." With three weeks until June 1 − during which both chambers of Congress are in session for just 10 days − Yellen has been emphasizing the "economic calamity" that could result without a debt limit increase. If the debt ceiling isn't raised by the projected default date in June, the July Social Security benefits would be in jeopardy. The program, which millions of Americans rely on for money in retirement, is often seen by politicians as the untouchable vanguard of government aid, but it has been the subject of fierce debate between Republicans and Democrats in the 118th Congress. One of the biggest impacts would be to Social Security. If the country's top leaders don't reach an agreement to raise the nation's borrowing limit and her predictions come true, it would lead to catastrophic and devastating effects across the country, Yellen, Treasury secretaries before her and multiple economists agree. The meeting: Biden, McCarthy fail to reach a debt ceiling deal in Oval Office meeting as default looms Social Security payments at risk in July They met to rev up negotiations and spare the nation from defaulting on its obligations − something that has never happened in America but could happen this year as soon as June 1, according to Treasury Secretary Janet Yellen. McCarthy said there was no movement toward a solution and the only real sign of progress was they met for the first time in 97 days.
They did little more than prove Biden, McCarthy and other top congressional leaders made little progress during their Oval Office meeting that afternoon. The Tuesday news conferences didn't solve that problem. residents who rely on government payments for their salaries, retirement money, food assistance, medical care and more would lose those benefits if the nation doesn't have money to cover its obligations. Though getting Republicans and Democrats to agree on financial aid is never a simple task, the side effect of the standoff is clear: U.S. While they made their jabs, the health and financial security of millions of Americans across the country remained at risk. WASHINGTON−Like dueling pianos, President Joe Biden and House Speaker Kevin McCarthy simultaneously stood in front of microphones Tuesday evening − with one at the White House and the other at the Capitol − to blame each other and their opposing political parties for why the country could run out of money to pay its bills for the first time in U.S.
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