The US is reeling from the threat of default, which has even worried President Joe Biden.
Speaking in Washington, US President Joe Biden said that if the US defaults on its debt ceiling, around 800,000 Americans could lose their jobs.
He said that the retirement accounts will be destroyed and we will fall into a recession. He also expressed the hope that everyone will work together to save America from default.
On the other hand, according to officials, lakhs of Social Security beneficiaries, ex-servicemen and families of soldiers may lose their monthly payments.
Officials said that if workers could not get their salaries from the government, critical federal services, including border and air traffic control, could be disrupted. The economy could suffer a crisis.