The countdown is on for lawmakers to make a decision about raising the debt ceiling. Officials say house republicans are considering a short-term increase on the debt limit. But if a decision is not made by Oct. 17th, the country will default on its debt, an outcome that could have some pretty powerful consequences for everyone.
WAFF Political Analyst Dr. Waymon Burke said the debt ceiling is major in everyone's lives and if lawmakers don't agree on something soon, it could have tremendous consequences.
"We're told that October 17th is the day that the government runs out of money. Now it doesn't mean that it doesn't pay its bills immediately, because there is some money, but within days and weeks there won't be any money if a deal is not reached," said Burke.
Currently, the U.S. government is approaching $17 trillion in debt.
Burke said the debt ceiling will have consequences that will ripple throughout the country. "Anytime that interest rates rise, it impacts every ordinary person like us who makes home mortgages or car loans credit card debt or any type of consumer loans," he said.
Burke said the decision on what to do with the debt before the deadline will require a compromise between both parties.
"The problem is that some do not want to raise the debt limit, claiming that not doing so will force the government to tighten its belt and reduce its spending. Others have argued that no, it's not for future spending, this is the interest on the debt that we've already acquired."
Burke said he's sure that Congress is getting a lot of pressure from people in their communities and raising the debt ceiling is something that will have to be done.
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