Excerpt from: AARP (click for full article)
Here we go again: Congress and the White House simply can't get past their budget differences.
At this point, the nation is no longer facing a single trigger point that would unleash economic calamity. Instead, with no deal in sight, we face a series of them:
- March 1 — The "sequester" — a very large remnant of the deal that averted the "fiscal cliff" at the beginning of the year — kicks in and cuts a whopping $85 billion from military and domestic programs.
- March 27 — Funding to continue running the country expires, meaning the government shuts down.
- May 18 — Uncle Sam again hits the debt ceiling, meaning we can't borrow more money. Come July or August, we'll be facing default.
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