As debt ceiling deadline looms, here's what it could mean for Social Security and Medicare

Negotiations over the federal debt ceiling mark one of the first big challenges the new Congress will face.

"The consequences are dire, because a default would not only disrupt Social Security and Medicare benefits, but also cause a global economic recession or worse," he said.If the U.S. were to default on its debt, it would be unprecedented. "There's a good chance that benefits for retirees and people with disabilities and survivors would be disrupted," he said.The Treasury Department may be able to prioritize some payments, and that would include Social Security, said Jason Fichtner, chief economist at the Bipartisan Policy Center who previously served in several senior roles at the Social Security Administration.

Japan is raising wages, are they trying to offset inflation

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