A Federal Reserve survey shows the U.S. economy held steady during the 16-day partial government shutdown, growing moderately in most regions from October through late November.More >>
A Federal Reserve survey released Wednesday found that the U.S. economy held steady during the 16-day partial government shutdown, growing moderately in most regions from October through late November.More >>
Thursday, October 17 2013 4:40 PM EDT2013-10-17 20:40:19 GMT
(RNN) - By passing a last-minute deal on the debt ceiling, and a 16 days-late deal on the government shutdown, Congress finally got back to doing its job. So, what now? Some people may see it as the timeMore >>
With a budget passed only until January, a debt ceiling deal through February and a bunch of days off for Congress until then, the country may be back in the same situation soon.More >>
Thursday, October 17 2013 5:27 AM EDT2013-10-17 09:27:22 GMT
A last-minute deal has been struck, allowing the federal government to avoid a shutdown. A shutdown would have suspended all federal government services deemed non-essential. All federally-funded museums,More >>
Congress has passed a bill to fund the government and lift the debt ceiling, avoiding default. More >>
Sunday, October 13 2013 6:52 PM EDT2013-10-13 22:52:24 GMT
WASHINGTON, DC (RNN) - Despite the WWII Memorial being closed, members of the Million Vet March have gathered in Washington, DC to protest the government shutdown – according to media reports. "We do notMore >>
Veterans gathered at the World War II Memorial in Washington, DC to protest the government shutdown.More >>
Saturday, October 12 2013 10:44 PM EDT2013-10-13 02:44:59 GMT
People nationwide have been unable to access welfare benefits through their EBT cards Saturday. Reports on the matter indicated the issue has no connection to the government shutdown.More >>
Xerox, which handles EBT systems in several states, said Saturday night the problem that prevented people from using their cards to shop has now been corrected. More >>
(CNN) – The countdown is on.
The U.S. government is just over a week away from defaulting on its debt.
Translation: it won't be able to pay its bills, with an impact that would likely ripple around the world.
The debt ceiling is getting closer – Oct. 17. With every day that passes, the government gets closer to default.
It's impossible to say exactly what will happen – it's never been done before, but economists are unanimous – it's bad news that could wreak havoc on the economy.
Here are some ways people could be affected:
Investments: that's what happened in 2011 – the last time the government neared default. Congress raised the debt ceiling at the last minute, but since it was down to the wire and the U.S.'s credit rating was downgraded, the Dow tanked more than 600 points the very next day.
Job: many economists say the U.S. could fall back into recession if we default. Recessions kill jobs.
Loans: it could cost more to borrow money. Interest rates on treasury bonds could rise, and that could push up rates on mortgages and small business loans.
Social safety nets: one of the government's biggest payments is social security benefits. The secretary of the treasury has said those might not be paid on time. Other government benefits could also be reduced.
The good news – most economists expect Congress to get a deal done in time.
But so far, that hasn't happened.
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