October 16th, 2013
07:05 AM ET

Debt Ceiling Deadline's Effects

Social Security recipients. Doctors who treat Medicare patients. Military pensioners. Companies with federal contracts. Government workers. Bond investors.

If Congress fails to raise the debt ceiling in time, anyone owed money by the federal government could eventually be left in the lurch, CNN's Alison Kosik reports.

The reason: Treasury Secretary Jack Lew wouldn't have enough money to pay all the bills in full and on time.

Thursday is the working deadline for when the cash crunch begins, and though negotiators in Congress were making progress, as of late Monday, there was still no deal.

One of the biggest concern to global markets and investors is interest owed on the federal debt. Most experts assume that Treasury would do all it could to pay that first.


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