How Congress could spark a credit crisis
July 22nd, 2011
03:17 PM ET
11 years ago

How Congress could spark a credit crisis

NEW YORK (CNNMoney) - Could a failure to raise the debt ceiling spark the same kind of credit crisis that plunged the global economy into a recession in 2008?

Short answer: Yes. That's exactly the situation some experts are warning the United States will find itself in if the Treasury Department were to miss interest payments.


Filed under: Congress • Debt • Deficit
soundoff (10 Responses)
  1. Mikey

    Thank you idiot teabaggers.

    July 22, 2011 03:30 pm at 3:30 pm |
  2. John

    Yes all it will take to rise the dept ceiling , Is to get the Republican to Compromise. And that what need to be done Is for Both Party To Compromise , and a deal will get done. But all this wasting time on voting on something the Republican no won't pass Is just dumb. Now they Quit wasting time and let get a deal done that will Pass. That why People voted you Into Office, Is to do what best for America. And defaulting on are dept and not paying all of America Bill Is NOT IN THE BEST INTEREST OF AMERICA. Not want best for the TEA PARTY or what best for the SPECIAL GROUP OF PEOPLE YOU SIGN A PLEDGE TO. Because you all ready took A OATH AND SWEAR ON A BIBLE TO IT.

    July 22, 2011 03:31 pm at 3:31 pm |
  3. debbie

    I hope all you Gop/Teapartiers voting in 2012,are "Rich" The right wing voters that are not millionaires,"You better like cold Pork&Beans,and a sleeping bag on Pavement! Crazy??? Sounds like a horror movie,in 3D?????/

    July 22, 2011 03:33 pm at 3:33 pm |
  4. GI Joe

    Tea-baggers are OUT in 2012.

    July 22, 2011 03:34 pm at 3:34 pm |
  5. sonny chapman

    Macho Repubs. ain't sceered of no Debt Crisis or Global Warming either. But Muslims, they're everywheres !

    July 22, 2011 03:35 pm at 3:35 pm |
  6. Democrat Class Warfare & Race Baiting - Destroying the economy, destroying the country

    Will the Democrats running up 20, 30, 40 TRILLION in debt spark a credit crisis??? We're heading for one either way since the Democrats have no interest whatsoever in balancing the budget.

    July 22, 2011 03:38 pm at 3:38 pm |
  7. The Greedy Old Pigs have declared class war on US!

    The GOBPbaggers don't care about anything except serving their owners and masters in the cult of corrupt corporatism they all worship. The refuse to make any sacrifices while calling for the rest of us to make endless sacrifices while their share of America's wealthy grows to ever-more obscene levels.

    July 22, 2011 04:04 pm at 4:04 pm |
  8. Lori in St Pete

    If the US defaults, I'm going to stop paying my mortgage. I really hope it doesn't happen, but if it's good enough for the rethugliban, it's good enough for me – and nobody can accuse me of being a deadbeat without outing themselves as hypocrites!

    July 22, 2011 04:06 pm at 4:06 pm |
  9. Name king

    Hey repugs are walking around like zabies hoping America default. I've been calling these folk lunatics but this is a bit past lunasism, because even lunatics flinch when someone have a loaded gun to their heads. These folks seems to endulge in the ending of America as a super power. Don't tell me the hatred of Obama is that insanely strong among tea party. China and most of the world are modernizing their countries, and we have the tea baggers trying to send us back into the past.

    July 22, 2011 04:12 pm at 4:12 pm |
  10. Bill from GA

    As long as the repugs can blame Obama, nothing is off the table. Gotta make him a one-term President, even if it destroys our economy.

    Where are the jobs the repugs were going to bring??

    July 22, 2011 04:22 pm at 4:22 pm |