As soon as June 1, Alaskans may go without Social Security checks, food-stamp payments and even basic paychecks unless Congress agrees to raise the nation’s debt ceiling. Via AlaskaBeacon
In 2019, when the federal government shut down for 35 days, Alaska“Our state has a very high number of federal employees and many Alaskans are enrolled in Medicare, Medicaid and VA health coverage,” said Sam Erickson, an aide to U.S. Rep. Mary Peltola, D-Alaska. “Those salaries and benefits could be at immediate risk in a default, depending on how the government decides to prioritize its bills.
Those measures will run out as soon as June 1, a date referred to as “X-Day” by federal officials and experts monitoring the subject. The exact date still isn’t known: It depends on how much tax revenue the federal government takes in and how much it needs to spend. That could have a significant impact on Alaska’s summer tourist season. Access to the state’s most popular tourist attraction — the Mendenhall Glacier in Juneau — is maintained by the U.S. Forest Service.
In those cases, the problem was caused by Congress’ failure to allocate money. This time around, it’s because there won’t be money to allocate: The federal government wouldn’t be able to borrow any more money to spend.That means switching to what’s effectively a cash-and-carry system. The federal government would only be able to spend what it has on hand. That means an instant cut to as much as a quarter of the federal budget, at least temporarily.
The state treasury department is assessing the situation, said Aimee Bushnell, a special assistant to Department of Revenue Commissioner Adam Crum. The focus has been on immediate effects, including within the next few months, and “it’s been determined that the state of Alaska has enough cash on hand to fund state government functions in the near term, should there be a federal default,” she said.
An annual transfer from the Permanent Fund accounts for more than half of the general-purpose revenue used to pay for state services. Trouble in financial markets could affect the corporation’s ability to pay for services beyond 2024.
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