Treasury Working to Prioritize What Bills to Pay, Just in Case
Charleston Gazette › August 01, 2011
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Summary
WASHINGTON - If the government can't pay all its bills come Wednesday, odds are it will pay bondholders. Social Security and Medicare recipients will be high on the must-pay list, too. Likely losers: federal workers in jobs deemed nonessential, private contractors and state and local governments.
It seems politically certain that active-duty members of the military would be paid, but there are no guarantees as the government decides which of its $80 million monthly payments to make and which to set aside.See the full content of this document
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Treasury Working to Prioritize What Bills to Pay, Just in Case
Since the U.S. now borrows slightly over 40 cents for every dollar it spends, a failure by Congress to increase the debt ceiling above the $14.3 trillion limit suggests the government could renege on more than 40 percent of its current obligations.
Just five days before the Treasury begins running out of cash to pay all its bills, Congress r...See the full content of this document
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