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What could happen if debt ceiling agreement isn't reached soon
With the debt crisis looming---a number of serious scenarios could play out if the country goes into default.
The US credit rating may already be in danger of a downgrade---which can have implications for everything from your car loan to your 401k.
Before now, the US economy, has been the world's freight train, strong, steady, but on Thursday if lawmakers can't reach a deal, that train comes
off its tracks--and putting all Americans and nations around the world at risk.
Stacey Hopkins - We can no longer govern this country by manufactured crisis. You were elected to govern we need you to go do that
Anger from everyday Americans, with just 60% of the money the US needs to cover the bills. Tough choices about who will get paid--and who won't.
Among the obligations: $12 billion to social security
Regina Newby/Social Security Recipient - "For some people that is all that they have."
Veteran and government pensions are also on the line-- American Legion National Commander Daniel Dellinger - What does this government shutdown say to our troops in harm's way?
And $6 billion in debt interest, which if the government doesn't pay can hurt *your* credit
Aaron Task of Yahoo Finance - That means higher borrowing cost for the US government whether we are getting a car loan or student loan or mortgage or basically any other loan.
The Fitch Rating Agency is already threatening to downgrade America's AAA credit. And independent from the default, the shutdown is costing us--big time.
Because employees are expected to receive back pay--we aren't saving any money but according to the IHS Market-Research Firm, it is costing taxpayers $160 million a day.