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Debt-ceiling breach would push economy into free fall, without a government safety net

Publié par Clifford Armion le 14/10/2013

Zachary A. Goldfarb and Jim Tankersley

The Obama administration will have to decide whether to delay — or possibly suspend — tens of billions of dollars in Social Security checks, food stamps and unemployment benefits if negotiations to raise the federal debt ceiling are not resolved this week, experts say, one of the many difficult choices officials will have to make at a time when the government will essentially be running on fumes.
The government will begin Monday with about $30 billion cash in the bank and a little more room to borrow as a result of extraordinary measures launched in the wake of the debt-ceiling crisis. By Thursday, administration officials say they will exhaust all borrowing authority and have only that cash on hand.
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"Debt-ceiling breach would push economy into free fall, without a government safety net", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), octobre 2013. Consulté le 29/09/2020. URL: http://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/debt-ceiling-breach-would-push-economy-into-free-fall-without-a-government-safety-net