Our nation’s current debt ceiling is $14.3 trillion. U.S. Treasury Secretary Tim Geithner anticipates that the limit will be reached later this month. If the federal debt limit is not raised, our government would be unable to borrow money to meet its obligations. This could affect providers in South Dakota, especially in the area of Medicare and Medicaid payments, which would be halted should the debt ceiling not be increased. Social Security benefits would also be held.
This evening, House Speaker John Boehner will outline his strategy for a vote to raise the debt limit for the nation. It is anticipated that Boehner will propose changes to Medicare and Social Security which could slow the escalating costs of those programs. Vice President Biden has been holding bipartisan meetings to help find solutions to the national debt. The group will next meet tomorrow; focusing upon a compromise which it is hoped will help put spending more in balance with revenue.