Potential government shut down impacts on the Chattahoochee Valley
United States Treasury Secretary Janet Yellen is warning if congress doesn’t raise the debt ceiling to pay the bills it already owes by October 18th, the country will face a catastrophic scenario of not being able to meet its obligations.
COLUMBUS, Ga. (WTVM) - The impacts of a potential government shut down have been avoided for now, but other potential financial threats related to that loom on the horizon for people across the country, as well as the Chattahoochee Valley.
Senate majority leader Chuck Schumer announced Thursday a deal has been struck with Republicans to keep the government running, at least until December 3.
“The last thing the American people need for the government to grind to halt, said Senate Majority Leader, Chuck Shumer.
Senator Mitch McConnell is optimistic about the deal.
“Overall, this is encouraging progress,“ said McConnell.
Meanwhile, the move provides what some might call a temporary sense of security to military families or civilian employees who earn a living from working for the federal government, like Laura Walker.
“A lot of people aren’t quite as lucky. Their retirement or their disability income might be the only steady income that they get. So if that doesn’t come through, even if it’s delayed for just a week, it causes real problems for real people in America,” said Walker.
Now the other hot button topic on the table for lawmakers is whether or not to raise the debt ceiling for the country.
Political science professor for the University of Georgia, Charles Bullock says, if some sort of agreement can’t be reached on the debt ceiling, it could be catastrophic for the country - from having impacts on the stock market and credit rating of the country to ranging from delayed Social Security checks, missed payments for US troops and federal workers, and force cuts to unemployment insurance and Medicaid.
“The two parties are kind of standing on opposite sides and calling each other names, almost like that type of situation, rather than helping each other out,” said Bullock. “If we should not raise the debt limit, then essentially the u-s would have to declare bankruptcy. There’s no authority to continue paying on the money we’ve already borrowed, we’ve been selling bonds in order to pay this off.”
United States Treasury Secretary, Janet Yellen is warning if Congress doesn’t raise the debt ceiling to pay the bills it already owes by October 18, the country will face a catastrophic scenario of not being able to meet its obligations.
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