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These states would suffer most if the U.S. smashes through the debt ceiling

These states would suffer most if the U.S. smashes through the debt ceiling

CBSN
Friday, May 12, 2023 09:29:46 AM UTC

The U.S. may be only a matter of weeks from defaulting on its debt, an unprecedented scenario that government officials have variously described as "unthinkable" and "catastrophic."

With Republicans and Democrats remaining at an impasse for now, economists are examining the potential economic fallout if the situation comes to a head and the U.S. fails to make some payments. 

In the event of a full-fledged debt default, the impact would be felt by anyone expecting funds from the government, whether a Social Security check, SNAP payment or government bond payout. But the impact wouldn't be felt equally across the nation, Moody's Analytics chief economist Mark Zandi said in a report this week.

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