By Jason A. Stephany
Tuesday, August 2, marks a critical deadline for the United States economy: for the first time in our nation’s history, the government may default on its debts. And should that happen, the ripple effects will be felt by every American consumer and taxpayer. A downgrade of the United States’ credit rating, higher interest rates on our credit cards, mortgages and car loans, and investor uncertainty that will leave already-fragile markets reeling. Our slow-but-sureeconomic recovery could revert to a full-on recession in a matter of days.
The clock is running out on the debt debate, and responsible lawmakers agree that default is not an option. So why are some in congress – including US Senator Scott Brown – refusing to state a position on key aspects of the debt proposals before them? Click to continue »