All the hand-wringing over a potential government default if Congress doesn’t increase the national debt limit has conjured up images of past government shutdowns.
showed up, but most federal employees stayed home. Work piled up in offices, and litter piled up in untended national parks.America very well knows what happens in a shutdown — it's hadin the past 30 years. There's a lot more uncertainty about a default, which could well have more wide-ranging and devastating impacts, at home and around the world. There's never been a default, and negotiators are trying to find a way to avoid one now.
The uncertainty about a default starts with when it actually occurs and in what order the government would pay its bills with whatever money it still has coming in. Brian Riedl, a senior fellow at the Manhattan Institute focusing on tax issues, said “there is no blueprint for how the government can manage a debt limit default,” and much of it would come down to how Treasury would pay or put off paying its bills.
That means many programs could be up in the air until the U.S. raised enough money to pay for them, while debt holders like China would receive payments — in a scheme called “debt payment prioritization.”
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