If the country defaults on its debt, millions of people would lose their jobs, retirement accounts would be decimated, Social Security payments could be delayed, Medicare and Medicaid benefits could be affected, and military members could see paychecks delayed.
The debt ceiling is a numerical limit, set by Congress, on how much money the federal government can borrow to pay its bills. Increasing the debt ceiling is a routine congressional task, but Republicans want to hold it hostage to make cuts to Social Security and Medicare, even though failing to raise the limit would cause massive economic devastation.
