The closer the US gets to the debt ceiling, the more we expect these market-stress indicators to worsen, leading to increased volatility in equity and corporate bond markets and inhibiting firms' ability to finance themselves and engage in the productive investment that is essential for extending the current [economic] expansion,"
Additionally, millions of people would lose their jobs and a sharp economic contraction would lead to a massive recession, the CEA warned.
REALITY COMMENTS
Living on borrowed time, is exactly how to describe our economy...
I think it is time ALL Americans said enough is enough and got rid of our career politicians. Many years ago after FDR won a third term, Congress and the Senate voted to keep the office of President at a two term limit for fear that if a President was in office too long, they would become corrupt or power hungry and out of touch with the American people.
Sounds like Congress and the Senate today. Let's demand that a politician only be allowed to serve either two terms in Congress, two terms in the Senate, or one and one.
It's not a recession. Or depression. The dollar is collapsing. In the end, it doesn't matter how much of it Washington needs, it's how much of the world wants it -- and countries are dumping the greenback in droves. we can only spend what we make or we will go broke and not spending is like saving money. Try telling that to the American government. Good luck!