House Republicans Are Reportedly Getting Ready for the US to Default as the Debt Ceiling Draws Closer

• House Republicans Are Reportedly Getting Ready for the US to Default as the Debt Ceiling Draws Closer
  by Juliana Kaplan, Ayelet Sheffey, https://news.yahoo.com/
  * House Republicans are reportedly preparing for how to prioritize debt in the case of a default.
  * Currently, the country is creeping ever closer to a catastrophic debt ceiling default over the summer.
  * But neither party is negotiating, as Democrats demand Republicans’ plan to prevent default.
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  As the US creeps ever closer to a devastating debt default, which would immediately spiral the country and likely the world into a financial crisis, Republicans aren’t preparing to negotiate — they’re preparing emergency measures.
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  As The Washington Post reported on Wednesday, Republican lawmakers on the House Ways and Means Committee will hold a panel on Thursday to discuss debt prioritization, in which the government would prioritize paying certain obligations over others should the US default on its debt.
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  Per the GOP legislation, known as the Default Prevention Act, the government would be able to continue borrowing money to cover existing obligations, along with ensuring federal benefits like Social Security don’t lapse.
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  Treasury Secretary Janet Yellen has previously slammed the idea of debt prioritization, saying in January that “a failure on the part of the United States to meet any obligation, whether it’s the debt holders, members of our military, or to Social Security recipients, is effectively a default.”
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