Economist Mark Zandi on the potential impacts of the U.S. defaulting on its debt
William Brangham:
So, the impact of the U.S. defaulting on its debt or not paying its bills would be felt immediately by many Americans.
We don't know precisely where the axe would fall, but it could include suspension of Social Security checks or a loss of food stamp benefits, to name just a few. Beyond that, many economists argue it could also be devastating to financial markets, potentially tipping the country into a recession and creating economic turmoil globally.
Mark Zandi is the chief economist at Moody's Analytics, and he's been keeping a very close eye on these concerns. He testified before Congress about them, and he joins us now.
Mark Zandi, thank you so much for being here.
What is your sense of confidence about whether our not a deal is going to be reached?
Source: PBS NewsHour
