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Video: Debt Ceiling Impasse Will Be Felt in Greenwich

BET chairman says Medicaid, Medicare, taxes and town pension fund could be affected.

With the federal government at an impasse as the deadline for raising the debt ceiling looms, local governments are faced with the prospect that a default could befelt in their towns.

Stephen Walko, a civil and commercial litigation and employment lawyer with in Greenwich, said a default could definitely have an impact in Greenwich.

Walko, the outgoing chairman of the Greenwich Board of Estimate and Taxation, said a default could mean Medicaid and Medicare reimbursements are notforthcoming to the town-owned , and that residents whose incomes are cut could default on tax payments. Finally, he said, if the stock market drops, the town’s pension fund could lose assets.

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