Another Debt Ceiling Crisis May Be In The Works

Is another government shutdown on the horizon? Whether manufactured or not, at the very least another budget showdown and debt ceiling crisis is in the works as we approach our debt limit yet again.

We’ve been here before. And more than likely, we’ll be here again.

As always, your pay and benefits will no doubt be part of the conversation as Republican and Democratic lawmakers wrangle over taxes and revenues, inlays and outlays, all of those things that make us shudder and wonder if our next paycheck will be frozen until they get their disputes in order.

It’s another subtle reminder that you need to plan for the unexpected. Your pay and benefits, your retirement security, could be at stake.

The Congressional Budget Office (CBO) projects that the federal government will default on its obligations in October or November unless Congress raises the debt ceiling.

If Congress fails to act, the Treasury Department may need to step into the fray and save the federal government from defaulting on its loans.

Our federal deficit is expected to rise to $18.1 trillion later this year. CBO’s long-term budget outlooks paint a pretty dire picture, unfortunately.

No doubt political considerations, including the race to determine the next president, will play a large role in how the looming debt ceiling crisis plays out.

And as always, that leaves you in a bind, left to wonder what your fate will be.

Let’s begin preparing today. Contact one of our benefits specialists for a free consultation. Preparation is the key to success, especially in this environment.