Recession could be in cards if debt ceiling debacle isn’t fixed

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January 14, 2013, 7:16 pm
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(NECN) - The president on Monday repeated a threat he first made in the summer of 2011: He said that older Americans might not get their Social Security checks and veterans won't get timely benefits if Republicans in Congress don't agree to increase the government's borrowing authority -- the debt limit.
How likely is it that these checks will be delayed? And why can't Congress and the president figure out how to solve this problem?

Joining Monday’s edition of “NECN  Business” was Cornelius "Con" Hurley, director of the Center of Finance Law and Policy at Boston University.

Is this an idle political threat the president is making?

The president is absolutely right – we are not a deadbeat nation,” Hurley said. “Eighty-three times in modern history, we’ve extended the debt ceiling without controversy … and it’s just not becoming of a first-rate nation. If we keep playing our cards like this, we won’t be a first-rate nation anymore.”

For more, see the video above.

Tags: NECN, Mike Nikitas, debt ceiling, NECN Business, Cornelius Hurley
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