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Wrangling continues over debt ceiling, budget
Wednesday - 7/13/2011, 10:31am EDT
"Lawmakers, policy makers and economists across the board just about agree that a national default would be a major problem," Bolton said. "It would cause interest rates to rise, it would make mortgages more expensive, auto loans more expensive, students loans and credit payments more expensive. And it would put the stock market into a tailspin."
August 2 is the official day the U.S. would default, as set by Treasury Secretary Timothy Geithner.
Another consequent problem is the concept of cross-defaulting. "If you stop making some of your payments to make others, are you in default, at least from the vantage point of the credit agency?" Bolton said. "That's something that's an unknown."
This story is part of Federal News Radio's Congressional Spotlight sponsored by United Technologies Corporation. Click here for more stories on Congress.