Source: HOLLAND & KNIGHT
The United States is likely just weeks away from the federal government reaching the maximum debt ceiling. The U.S. Department of the Treasury is not permitted to expend funds beyond the current debt limit (because it has no such funds to expend), even if the government is legally obligated to make those payments and Congress has authorized appropriations for such expenditures. This will impact the Treasury Department's ability to pay all sorts of obligations, including interest payments on bonds, Social Security payments and payments to contractors for work already performed..
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