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September 20th, 2013
09:26 PM ET

Economist: Breaching the debt limit would be cataclysmic

All three of the major indices closed lower, the Dow losing 185 points. Investors are watching the fights in Congress closely.

It's a game they've seen played out before: 776 days ago, a similar fight cost the United States its top credit rating, sending stocks lower and eroding consumer confidence.

And that was just the downgrade.

What would happen if the government actually shut down?

OutFront: Mark Zandi, Chief Economist at Moody's Analytics.


Filed under: Economy • News
soundoff (3 Responses)
  1. Les Suhayda

    To all who did not know how the Soviet Union fell, it was not through military defeat, it was economic failure. Personally, I loved it because my parents got to see a free Hungary, my concern is our politicians following the same economic model as the Soviet Union putting America at risk. Is our Economy a National Security issue? May be it's time to focus on our countries future, if we value our freedom.

    September 26, 2013 at 12:15 am | Reply
  2. Dell Zehm

    How come No one is addressing what the cost of Obama care is? We are already spending a Trillion dollars more each year than we take in, where is the funding for Obama care coming from? Congress can not defund something that has not even been funded yet. Isn't there a Fifth grade math teacher out there somewhere to explain this to both Houses of Congress and the President?

    September 24, 2013 at 3:22 pm | Reply
  3. Les Suhayda

    I am sick and tired of our elected officials, both party's, holding America hostage for Political gain. I have a question, Isn't our economy a National Security issue, not political, I say this because we are following the Soviet Union model and our down fall will not be Military might but economic disaster!

    September 21, 2013 at 2:24 pm | Reply

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