The Impacts of Not Raising the Debt Ceiling on Americans.

If Congress and the White House fail to reach a deal to raise the debt ceiling, real people could suffer, from service members to Social Security recipients to would-be homebuyers. Among the government's bills coming due June 1 are $12 billion in veterans' benefits and $25 billion in Social Security benefits set to be paid on June 2. A prolonged default could send mortgage rates soaring above 8%, weakening the already fragile housing market.