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If US defaults, the federal government won't be able to pay salaries of federal employees, the military, social security and medicare. It will also shock global markets.
Let’s start by stipulating that U.S. debt default would be a disaster.
The 14th Amendment grants citizenship and equal protection, but its “public debt” clause could help the US avoid a debt default.
Janet Yellen, in remarks prepared for a Washington event with business executives from California, said a default on U.S. debt would result in job losses, while driving household payments on mortgages, auto loans and credit cards higher.
US Congressman Don Bacon (R-Neb.) has said the possibility that the United States defaulting on its national debt is a “real threat” as lawmakers grapple with a fast-approaching breach of the debt limit.