The doomsday scenarios if the U.S. defaults

Today on “Post Reports,” what could happen if the United States government fails to raise the debt limit by the deadline.

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Yesterday, President Biden met with congressional leadership to talk about the “X date”; that’s the date after which the Treasury projects the U.S. government would no longer be able to pay its bills. The “X date” is June 1, and if a deal isn’t struck by then, the United States would default on its debt.

If the United States were to default, that could mean a variety of catastrophic economic consequences: millions of federal workers furloughed; Social Security and Medicare payments suspended; a stock market collapse; an economic recession.

White House economics reporter Jeff Stein explains these “doomsday” scenarios and breaks down what could happen to the U.S. economy, and even the global economy, if a deal isn’t reached.