As the largest program in the federal budget, Social Security is a critical part of our nation’s fiscal picture and vital to millions of elderly recipients.
When the US government reaches its debt ceiling, the Treasury can use a variety of accounting maneuvers, known as “extraordinary measures” to keep the federal government from defaulting on its debts.
When the debt limit is close to being breached, or when a suspension of the ceiling is nearing, lawmakers would have to act to avoid serious economic and budgetary consequences.
The primary deficit focuses on the difference between government revenues and spending, excluding interest payments. Learn more about the U.S. primary deficit.