As the largest program in the federal budget, Social Security is a critical part of our nation’s fiscal picture and vital to millions of elderly recipients.
When the US government reaches its debt ceiling, the Treasury can use a variety of accounting maneuvers, known as “extraordinary measures” to keep the federal government from defaulting on its debts.
When the debt limit is close to being breached, or when a suspension of the ceiling is nearing, lawmakers would have to act to avoid serious economic and budgetary consequences.