What will happen to your T Bills and bank CDs in a US debt default? If the US does not raise the debt ceiling, T Bills and interest from Treasury bonds may not be paid in June. Does this mean your Treasury Bills, bonds and even bank CDs will be worthless? No, it just means that if the debt ceiling crisis is not resolved by June, the T Bills and Treasury Bond interest payments may be delayed for a few days or even weeks until they raise the debt ceiling.
In case that the debt ceiling is not raised and the US defaults on it's debt, this would cause the stock market to crash along with the dollar and money in banks including checking, savings and CDs in a run on the banks. The FDIC only has about $1.25 in insurance reserves for every $100 in bank deposits. If the US defaulted on it's debt people would pull their money out of banks and the government would not have the money to backstop all the deposits.
This is why it is highly unlikely that this will happen since the people in Congress and the rich people that influence them would not let that happen.
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