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What’s going on:   Â
The U.S. federal government is approaching a looming default crisis. The concern has triggered a national union – known as The National Association of Government Employees (NAGE) – to file a lawsuit against Treasury Secretary Janet Yellen and President Joe Biden to stop them from complying with a law that places limits on the government’s total debt, according to PBS. Â
The union’s lawsuit claims that the law imposes a staggering $31.4 trillion debt ceiling, according to Reuters. Â
Why it matters:Â Â Â Â Â Â Â
If the U.S. reaches its debt limit and defaults on its obligations, this could lead to furloughs and layoffs for government workers. Â
NAGE represents 75,000 government employees who are concerned about the potentially negative impact the debt ceiling could have on its members’ job security and financial stability. This would not only disrupt the lives of these workers, but also impact the overall functioning of government agencies and the services they provide to the public.Â
How it’ll impact the future:Â Â Â Â Â Â Â Â Â
The uncertainty surrounding the debt ceiling crisis may also discourage talented individuals – who are entering the workforce – from pursuing careers in the public sector. This would hinder the quality of government services in the long run.
