If the country defaults on its debt, millions of people would lose their jobs, retirement accounts would be decimated, Social Security payments could be delayed, Medicare and Medicaid benefits could be affected, and military members could see paychecks delayed.
The new Republican-controlled House has thus far failed six separate times to elect a House Speaker—the first time such a debacle has occurred since 1923. Until the new Congress elects a speaker, the House cannot assign members to committees, introduce or vote on legislation, help constituents, or even swear in members.
