The debt ceiling deadline approaches: What are the options?05/25/11 Robert Lorei
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Good morning. Welcome to Radioactivity. I'm Rob Lorei. The federal government is heading toward an important deadline.
The national governmentâ€™s accumulated spending is approaching the $14.3 trillion debt ceiling. Republicans are demanding huge deficit reduction concessions in return for raising it. The nation is expected to run out of money to pay its debts â€” on Aug. 2. Some fear that as we get closer - and as the debt ceiling is not raised - the markets will get spooked and they may plunge the country into a double-dip recession.
Weâ€™re joined now by Charles Kroncke who is an associate dean at the USF College of Business. Heâ€™s been writing about federal spending in a series of op-eds for the St. Petersburg Times that heâ€™s co-written with William Holohan at the University of Wisconsin.