The risk of a U.S. default: By the numbers
If Congress doesn't raise the debt ceiling by Aug. 2, Treasury Secretary Timothy Geithner will have to make some very tough choices

A free daily digest of the biggest news stories of the day - and the best features from our website
Thank you for signing up to TheWeek. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.
It's all coming down to the wire. If Congress and President Obama don't reach a deal to raise the U.S. debt limit by early August, the government won't be able to honor all of its financial obligations. The nation's savings account would be essentially empty, and without the authority to borrow, Obama and Treasury Secretary Timothy Geithner would have to choose which bills to pay from incoming tax revenue — and which bills and obligations to ignore. "You can move the chess pieces around all you want," says Jay Powell of the Bipartisan Policy Center, but "you're going to lose." How much? Here, a look at some numbers underpinning the debate:
$14.294 trillion
Current debt ceiling, reached May 16. Geithner has moved money around so the feds can continue paying the bills through Aug. 2, even though the nation's legal borrowing limit has already been reached.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
80 million
Number of payments U.S. makes every month
$306.7 billion
Amount the U.S. is obligated to pay from Aug. 3 to Aug. 31
$172.4 billion
Amount of revenue the U.S will bring in from Aug. 3 to Aug. 31
44
Percentage of those August payments that would have to be immediately scrapped if no deal is reached
$29 billion
Interest payments on Treasury securities due to investors on Aug. 15
$49.2 billion
Social Security benefits to be paid from Aug. 3 to Aug. 31
$50 billion
Medicare and Medicaid benefits to be paid from Aug. 3 to Aug. 31
$31.7 billion
Payments to defense contractors due from Aug. 3 to Aug. 31
$12.8 billion
Unemployment benefits to be paid from Aug. 3 to Aug. 31
$2.9 billion
Active-duty military pay due from Aug. 3 to Aug. 31
$2.9 billion
Veterans Affairs program payments due from Aug. 3 to Aug. 31
$14.2 billion
Federal salaries and benefits due from Aug. 3 to Aug. 31
$12 billion
U.S. tax income expected to be received on Aug. 3
$32 billion
U.S. spending planned for Aug. 3 (including $23 billion in Social Security checks)
50
Standard & Poor's stated odds, in percent, that it will lower the U.S. credit rating within 90 days
7,000
Number of top-rated municipal bonds Moody's will automatically downgrade without a debt-ceiling deal
$130 billion
Amount of municipal debt affected by the Moody's ultimatum
74
Number of times the debt ceiling has been raised since 1962
10
Number of times the debt ceiling has been raised since 2001
Sources: Bipartisan Policy Center (2, PDF), Bloomberg, CNNMoney (2), Washington Post (2)
Continue reading for free
We hope you're enjoying The Week's refreshingly open-minded journalism.
Subscribed to The Week? Register your account with the same email as your subscription.
Sign up to our 10 Things You Need to Know Today newsletter
A free daily digest of the biggest news stories of the day - and the best features from our website
-
Trump surrenders in Georgia election subversion case
Speed Read
By Catherine Garcia Published
-
Rep. Hakeem Jeffries chosen to succeed Pelosi as leader of House Democrats
Speed Read
By Brigid Kennedy Published
-
GOP leader Kevin McCarthy's bid for House speaker may really be in peril
Speed Read
By Peter Weber Published
-
Are China's protests a real threat for Beijing?
opinion The sharpest opinions on the debate from around the web
By Harold Maass Published
-
Who is Nick Fuentes, the white nationalist who dined with Trump and Kanye?
Speed Read From Charlottesville to Mar-a-Lago in just five years
By Rafi Schwartz Published
-
Jury convicts Oath Keepers Stewart Rhodes, Kelly Meggs of seditious conspiracy in landmark Jan. 6 verdict
Speed Read
By Peter Weber Published
-
A look at the White House's festive and homey holiday decor
Speed Read
By Brigid Kennedy Published
-
Bob Iger addresses 'Don't Say Gay' bill, says inclusion is part of Disney's values
Speed Read
By Justin Klawans Published