BREAKING NEWS

Report predicts chaos if US prioritizes federal payments

By REUTERS

JUNE 29, 2011 00:35

WASHINGTON - Any attempt to prioritize federal payments if Congress fails to raise the US debt limit and the country defaults would rapidly descend into chaos, according to an independent study released Tuesday.

If the US government cannot borrow more money to meet its obligations past Aug. 2 -- the Treasury's deadline for raising the federal borrowing limit -- it will be unable to pay between 40 to 45 percent of the 80 million payments it makes every month, the report says.

After analyzing thousands of publicly available documents, including the Treasury's daily cash outlays, the Washington-based Bipartisan Policy Center concludes that prioritizing payments to avoid default -- which some conservative Republican lawmakers advocate -- is essentially impossible.

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