WASHINGTON, D.C. — The U.S. Treasury has warned that the $16.7 trillion debt ceiling must be raised by Oct. 17th, to avoid a U.S. debt default. This warning has caused concerns amongst investors and citizens alike as most are unsure of their futures in this once great nation.
Based on a study of a previous debt ceiling impasse in 2011, the results won’t be good if figureheads in Washington can’t find a solution. WashingtonPost.com reported, “Failing to do so, Treasury warned, would have catastrophic consequences.
“A default would be unprecedented and has the potential to be catastrophic: credit markets could freeze, the value of the dollar could plummet, U.S. interest rates could skyrocket, the negative spillover could reverberate around the world, and there might be a financial crisis and recession that could echo the events of 2008 or worse,” the report said.”
