Debt Defaulting Is Just Days Away From The Federal Government And Mississippi Will Be The Most Affected State Wherein Tens Of Thousands Of Its Citizens Will Lose Their Job. The Federal Government Was Unable To Pay Its Existing Debt Because It Did Not Raise Its Borrowing Limit.
Tax Default Impending
As the Federal Government failed to raise their borrowing limit, they now face a debt default. They have failed also in meeting the existing debt that’s why the debt is in the ceiling. Mississippi will be the most affected state by the default and unemployment will have a big raise.
Even the breach is a week the effect would rise to a 6.4% unemployment rate. 64,000 citizens will lose their job and that’s 9.2% rise in unemployment. The government may pick those debt that is only essential at the moment, there will be interference in Medicare, Medicaid, state and local reimbursements, Social Security and federal wages.
One reason why Mississippi would be most affected is because it’s been the state that is the most reliant to federal funds, it ranks third at federal dependency. On Thursday, negotiations with House of Republicans is making progress and they see that there is no default happening.