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Government hits debt limit in 3 days

Updated: Monday, October 14 2013, 08:32 PM CDT
With the clock ticking President Obama is once again urging congressional leaders to open the government and raise the debt ceiling.

We stand a good chance of defaulting, and defaulting would have a potentially devastating effect on our economy

The government hits its debt limit in three days.
A rough outline of the preliminary deal would extend the nation's borrowing limit through mid-January, and reopen the government with some minor changes to Obamacare.
    
Many analysts expect that a deal will be reached by Thursday.
But if not there could be catastrophic global consequences.
 
I think that's going to trigger a kind of chain reaction in financial markets.
Nobody knows what would happen if you suddenly have to call into question the viability of Treasury Securities

The default could also impact your personal finances.
Your 401 Retirement Plan could take a severe beating.
   
Plus interest rates on mortgages, credit cards and other loans could jump and might be difficult to get.

Government hits debt limit in 3 days


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