What a Government Shutdown Means for Your Money

Money Rehab with Nicole Lapin

Money News Network

Education, Self-improvement, Business

4.4 • 1.4K Ratings

🗓️ 15 May 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Treasury Secretary Janet Yellen says that the U.S. government could default on its loans as early as June 1st, if an agreement on the debt ceiling isn't reached in Congress. If the debt ceiling isn't raised, we'd likely face a government shutdown. Today, Nicole explains what a government shutdown would mean for your finances, and how you should prepare.

Transcript

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0:00.0	When you find the right potential hire for your business before sending that off
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0:23.9	background check when you visit checker.com slash MNN. That's check with the letter R dot com slash MNN.
0:36.3	I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.
0:41.2	It's time for some money rehab.
0:43.3	Today is a very big day for your girl Nicole Lapin. I just got into New York City and I have good
0:54.4	morning America this morning. A big deal. And then the Webby Awards tonight. It is a pretty big
1:01.6	Monday, but it's not all glitz and glamour over here. We have some mic issues. So I'm recording this
1:06.9	episode on my phone. We're gonna roll with it because the show must go on. Today on GMA, I'm gonna
1:12.3	be talking about the perilous state of the debt ceiling. And I wanted to give you my money rehabbers,
1:17.2	the exclusive scoop before I go on air. So let's start with this. WTF is the problem with the debt
1:24.0	ceiling. So here's the deal. Right now, the debt ceiling in the United States is set at $31.4 trillion.
1:31.6	And we're currently a smidge over that. The debt ceiling is the limit that Congress needs to
1:36.8	decide on. In practice, this means that if the country goes over the debt ceiling, the government
1:42.0	needs to get it together and agree on a budget. If the budget isn't agreed upon, then some federal
1:47.4	services simply can't operate. And America goes into a government shutdown. A government shutdown
1:53.2	could mean delays or pauses to social security payments, child tax payments, veterans payments,
1:59.4	funding for people affected by natural disasters, child nutrition programs, and paychecks for
2:04.9	federal employees. Plus, people can't take advantage of government programs like national parks,
	...

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