As our elected officials debate the finer points of raising the debt ceiling, it is still anyone’s guess what the outcome will be. Rep. Boehner's bill seems likely to pass, but we’ve been close to a deal before and left empty-handed. If there is no agreement before the August 2nd deadline, the country's precarious credit rating could slip, post offices could run the risk of closing, and entitlement programs such as Social Security could be suspended. If the United States can't raise the debt ceiling, what will the immediate consequences be? Will interest rates skyrocket? Will the stock market plummet? How will this affect our own personal investments? In keeping with the theme of dueling perspectives, Larry brings together two economists with opposing views on the possible scenarios.
Doyle McManus, Washington columnist for the Los Angeles Times, covering national and international politics
Michael Linden, Director for Tax and Budget Policy, Center for American Progress