Before you consider how the situation might affect you, let's quickly review just what is meant by the term "debt ceiling" and what might happen if no agreement is reached. Essentially, the debt ceiling is the legal limit on borrowing by the federal government. If Congress doesn't increase the limit, borrowed funds wouldn't be available to pay bills, so the U.S. could be forced to default on its debt obligations, which would be unprecedented.
How a debt ceiling crash will affect US IT
But for IT, the economic uncertainties will bring a climate that IT is already familiar with: lots of rapid change. Short term, as the government increasingly loses cash flow, obligations likely can't or won't be paid, and may be partially paid or delayed. Geithner has wide latitude in the policies of what will be paid versus unpaid, versus paid in deferment. Read More...
How Congress' dithering on the debt ceiling is already dragging down the economy.
Yes, the stock market is up, and bond yields are low. And the government's borrowing costs remain cheap: Interest on a 10-year Treasury bond is less than 3 percent. But a closer look shows that Congress is starting to spook investors, business owners, and individuals. It has introduced a modicum of much-dreaded uncertainty into their lives. And when investors are uncertain and businesses are afraid, they hunker down in ways that are very bad for the economy. So Congress may not have succeeded in blowing up the markets just yet. But fear not. There are signs it is weakening the anemic recovery. Read More...
U.S. Stocks Retreat as Debt-Limit Concern Offsets Apple Earnings
U.S. stocks fell, a day after the best rally since March for the Standard & Poor’s 500 Index, as concern the government will fail to increase the debt limit overshadowed higher-than-estimated earnings at Apple Inc. (AAPL) Read More...
Fund Managers can't ignore debt ceiling politics
The possibility that stock and bond markets could be in for another jolt has Castagliuolo watching the ongoing developments in Washington as closely as he tracks Wall Street. Read More...
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