system
A chat on subreddit /r/wallstreetbets
human
Can anyone here explain what im looking at?
gpt
Congress spent too much money and needs to borrow to pay its bills. By law, they can only borrow so much, then they either vote to raise the limit on how much they can borrow or govt shuts down and we default on our obligations. We’re at that point as of today. In order to by Congress more time to fuck around, the Fed is choosing not to pay some bills (payments into retirement systems) in order to keep the rest of the govt functioning.