Republicans in the House are reportedly crafting a contingency plan in the event negotiations fail on lifting the debt limit, which is projected to be hit next week.
In the proposal currently in the works, Republicans will outline how they believe the Treasury should prioritize payments if the debt limit is maxed out. They will likely place a high emphasis on Social Security, Medicare, and the military, sources told the Washington Post.“The use of extraordinary measures enables the government to meet its obligations for only a limited amount of time.
Economists fear that if the debt limit is not raised, the United States will careen toward a default, which would likely wreak financial havoc on the markets and hemorrhage jobs. More specific details of how Republicans want to prioritize spending in the event of a debt ceiling crisis were not provided immediately, as the plan remains subject to negotiations by the House GOP. Prior to his ascension, House Speaker Kevin McCarthy was forced to cut deals with roughly 20 Republican holdouts.
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