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If the debt ceiling isn't raised by August, the Treasury will have to decide what order to pay the government's bills in. It seems that payments on the debt will have first priority and that, after that, it's anyone's guess. Might be the administration will decide to nail Social Security one month, followed by Medicare providers the next month, and then defense contractors, etc. [to maximize the screaming and put pressure on the Republicans to simply allow more deficit spending without any budget cuts]. Doesn't seem as though that will impact the banks much. Further, the FDIC, if necessary, can borrow directly from the Federal Reserve without going through the Treasury at all, so that probably won't have any impact. *** you'd do better to be concerned about the possible $25 to $100 billion the banks may lose in loans and guarantees related to Greece, Ireland, and Portugal. Should voters in any of those countries reject the austerity measures, the government's bonds and/or banks' debts will default and America's major banks will have to pay up. Worse, if that happens, the temptation for Spain and maybe Italy to do the same would be strong -- and that would cost our banks an estimated $500 billion more. At which point, you might wonder if the banks will need to be rescued again so that your paycheck is still good come payday.
Banks are insured. And they will stay insured. The US can easily start selling property to China to cover their debt if worse comes to worse. They would love to have Alabama Never dare buy gold coins You can try to sell them the next day, and you won't get half your money
Once you think approximately that the final public of those conspiracy thoughts become bare confronted lies, or a minimum of too have handed over a especially considerable piece of counsel, has it no longer got here approximately to you to attend till you detect out regardless of if there is even a grain of actuality in it till now launching into action? No - it in all likelihood hasn't.
Banks will not close if the US defaults.