It's Monday morning and the debt ceiling was a hot topic over the weekend. Catch up on what happened and how you may be affected.
President Obama’s weekly address
The president continued his focus on the debt ceiling and the absolute need to reach a compromise to prevent undue stress on our economy.
All of this talk about the debt ceiling has many people, including myself, wondering how it would affect our day-to-day living. In this CNNMoney.com article, Angela Wu examines some possible outcomes including an almost instant return to recession status, higher interest rates across the board and a possible delay in government payments.
Believe it or not, the debt crisis could have a positive impact on President Obama’s 2012 re-election campaign. According to this AP article, the crisis could help the president gain ground among independent voters.
“Polling by the Pew Research Center suggests that unaligned voters are increasingly alarmed about the prospects of failing to raise the debt ceiling by Aug. 2. Their mood could help Obama next year if he can build and sustain an image as an accord-seeking leader trying to protect average Americans.”
Investors could be in for a bumpy ride this week. Between the concerns about our nation’s debt and the fact that over 100 S&P 500 Index companies will be releasing their earnings, this week could prove to be a white-knuckle week for the stock market.