The government would only have the funds to cover 55-60 percent of its scheduled payments during the month, but there is no indication about which payments would be prioritized, according to the report.
Approximately $50 billion in Medicaid and Medicare payments should go out in August, and if a debt agreement is not reached, these funds will almost certainly be at risk.
Read the CNN Money report on the debt ceiling.
Related Articles on the Debt Ceiling:
Cuts to Medicare, Medicaid Loom as Debt Ceiling Limit Nears
Gang of Six Deficit Plan Gains Support; Includes $500B Cut to Medicare, Medicaid and Other Federal Programs
National Governors Association Urges Deficit Negotiation Leaders to Avoid Cost-Shifting to States
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