August 2nd Deadline for Debt Ceiling Fast Approaching

As the August 2nd deadline approaches, Congress may risk default it if is unable to raise the debt ceiling by then. The U.S. Treasury may risk having to cut off automated payments that include Social Security benefits, taxpayer refunds and salaries in order to pay off bondholders. Congress and the Treasury will have to decide who gets paid first and deal with the consequences of economic fallout that will surely follow.

Read the full article here:

Why the debt ceiling doubters are wrong