The U.S. Treasury Secretary Timothy Geithner announced on Monday that the nation has reached its legal debt limit, causing a potential default on paying creditors and further cuts on Social Security fund.
Geithner presented his report before Congress on the nation's $14.3 trillion debt. He argued that the Obama administration must raise debt ceiling by August 2 to resolve credit dues. Should the Administration fail to do so, the credit will be defaulted.
The United States' impending bankruptcy can trigger global investors to bail out and hamper other businessmen from resuming commerce.
Geithner suggested that Obama administration raise the debt ceiling and cut expenses within the 11-week deadline. He presented a further increase of $2 trillion by year 2012.
House Speaker John Boehner affirmed the Republicans’ support for the budget reform. He added that the Administration must find its way to reduce government spending.
Democrats warned of prolonged delay on Social Security benefits as the government plans to borrow from its fund.
Critics argued the Obama's administration need to choose between paying creditors and sustaining Social Security benefits. Should the government fail to decide on which is the priority, the economy will collapse in three months.
What's in store for U.S. Social Security fund if the government borrows from it? It will result to reduced monetary benefits and denied claims until the government finds a way to restore its funds. What can be expected from Social Security? There will be limited access to health care, but new opportunities for citizens to pay SS taxes.
Should you encounter difficulty in processing your Social Security disability claims, you can consult with a lawyer in Los Angeles to help you with your claim.
Receiving your hard-earned benefits should not be that painful as your medical condition. You may call Mesriani Law Group number at 1-866-772-2889 toll free. You may also send an email at info@mesriani.com for free case analysis.
Geithner presented his report before Congress on the nation's $14.3 trillion debt. He argued that the Obama administration must raise debt ceiling by August 2 to resolve credit dues. Should the Administration fail to do so, the credit will be defaulted.
The United States' impending bankruptcy can trigger global investors to bail out and hamper other businessmen from resuming commerce.
Geithner suggested that Obama administration raise the debt ceiling and cut expenses within the 11-week deadline. He presented a further increase of $2 trillion by year 2012.
House Speaker John Boehner affirmed the Republicans’ support for the budget reform. He added that the Administration must find its way to reduce government spending.
Democrats warned of prolonged delay on Social Security benefits as the government plans to borrow from its fund.
Critics argued the Obama's administration need to choose between paying creditors and sustaining Social Security benefits. Should the government fail to decide on which is the priority, the economy will collapse in three months.
What's in store for U.S. Social Security fund if the government borrows from it? It will result to reduced monetary benefits and denied claims until the government finds a way to restore its funds. What can be expected from Social Security? There will be limited access to health care, but new opportunities for citizens to pay SS taxes.
Should you encounter difficulty in processing your Social Security disability claims, you can consult with a lawyer in Los Angeles to help you with your claim.
Receiving your hard-earned benefits should not be that painful as your medical condition. You may call Mesriani Law Group number at 1-866-772-2889 toll free. You may also send an email at info@mesriani.com for free case analysis.
