Older Americans worried debt default means no Social Security

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If the United States defaults on its financial obligations, millions of Americans could be unable to pay their bills as well. May 23, 2023, 1:10 PM President Joe Biden looks on during a meeting with US Speaker of the House Kevin McCarthy in the Oval Office of the White House in Washington, DC, May 9, 2023.

If the United States defaults on its financial obligations, millions of Americans might not be able to pay their bills as well.

food A quarter of Americans over age 65 rely on Social Security to provide at least 90% of their family income, according to the . Samuel Corum/Getty Images “It’s very stressful, gives me a heart attack,” Gurner said about how the issue has become politicized.

Since 2001, the United States has spent more money than revenue it has taken in overall. However, the United States and Denmark are the only two countries to limit the amount of debt the government can issue, known as a debt ceiling, Mitchell noted. headtopics.com

Lawmakers can pass new laws that require government spending, but the debt ceiling will remain in place until lawmakers vote to increase it. That has happened 78 separate times in the United States since 1960.

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