The potential impact of the US debt crisis on Social Security and the global economy.

Treasury Secretary Janet Yellen warned that if Congress doesn't raise the U.S. debt limit, millions of Americans might not receive their full Social Security payments. Yellen projected that the federal government will reach its debt limit by as early as June 1. Once the government reaches its debt limit, the U.S. would not be able to payout all of its obligations fully. The Biden administration would have to decide what payments it can make, including potentially only sending out partial Social Security and Medicare payments.