Earlier today, US Treasury Secretary Janet Yellen sent a letter to the US Congress stating that the debt ceiling deadline has been moved from Thursday, June 1st to Monday, June 5th.
"We now estimate that Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5."
Fortunately, the deadline was moved ahead by four days because a debt ceiling deal has not been reached between US President Joe Biden and US Speaker of the House Kevin McCarthy. Negotiators claim that a deal is close, but a deal has not been made as of this writing.
Now, a deal must be made next week after Memorial Day Weekend or the US economy would default on June 5. If the US economy defaults, then here are some things that would happen.
- The elderly would not receive their Social Security checks for the month of June.
- Doctor offices throughout the country would not receive payments from Medicare and from Medicaid.
- Veterans would not receive their benefits for the month of June.
- People would not receive their Supplemental Nutrition Assistance Program (SNAP) credits on their cards for the month of June.
The lives of the elderly would be severely disrupted if a default would take place. If you are a senior citizen or if you are taking care of a family member or a friend that is a senior citizen, then obtaining a refill on medication next week is absolutely necessary. Those who are on SNAP would probably need to do a food run at their local grocery store next week as well.