Treasury Secretary Janet Yellen said “every family receiving a child tax credit” would be impacted by a potential failure to raise the debt limit in time.
Like a married couple on the brink of divorce, Republican and Democratic lawmakers are in the midst of yet another ugly fight — this time over whether to increase the amount of debt the U.S. government can take on.
Democratic senators signaled in the early hours of Thursday morning they were receptive to an offer from Senate GOP leader Mitch McConnell that would allow an emergency extension into December. If lawmakers don’t act, “the Treasury will have to do something unprecedented” such as make untimely spending cuts if the debt limit isn’t raised, said Paul Van de Water, a senior fellow at the Center on Budget and Policy Priorities, a nonpartisan think-tank.It would fall on Treasury and White House officials to determine the legal guidance on which of the governments’ bills — if any — could be paid, and in which order, said Mark W. Everson, a former IRS Commissioner.
“Retirees receive $1,555 a month on average in Social Security benefits while disabled people receive $1,280 a month on average ” Access to medical care through Medicare and Medicaid More than 60 million Americans receive health insurance coverage through Medicare and some 75 million are enrolled in Medicaid, according to estimates published by the Kaiser Family Foundation, a nonprofit health advocacy group.
Tax refunds and child tax credits On Wednesday, Yellen said “every family receiving a child tax credit” would be impacted by a potential failure to raise the debt limit in time. Like some Social Security recipients, low-income parents receiving the monthly payments of up to $300 per child might have to choose between rent or groceries without it.
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