WEAR - Search Results

The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

Debt Ceiling reality facts

A new CNN ORC poll shows 38 % of Americans think the debt ceiling should not be raised.
Treasury Secretary Lew says  in less than 48 hours, the government will only have about 30 billion dollars of cash on hand.
The Treasury Department says they've been doing cartwheels to pay the country's bills but they are running out of their extraordinary measures.

If October 17th comes and goes and the debt ceiling hasn't been raised, big bills are going to come in - that the government cannot pay.
In just one month after October 17th, those bills come to hundreds of billion of dollars.

Here's a look at some of the bills that directly affect you..
Medicare and Medicaid.
Social Security payments.
Military pay for active-duty servicemembers..
Unemployment benefits.
Veteran's benefits.

You also have IRS tax refunds that won't go out.
Then, there are bills for "other spending" - that includes FEMA, Air Traffic Control.

Borrowing to cover the difference won't be possible, so the Congressional Research Department says there's basically four options.
Cut discretionary spending - that includes defense -  by a third.
Raise taxes by 12 % a month.
Cut mandatory spending like social security by 16 % a month or some combination of the three.