HAMPTON ROADS, Va. - We checked in with Old Dominion University economist Bob McNabb on how raising the national debt ceiling will impact our pocketbooks in Hampton Roads, specifically for military workers and families.
"just look at the military personnel and military equipment in the region. If all of a sudden the federal government can't spend money on defense, that greatly impacts our ability to live and work and earn money in Hampton Roads. So, political uncertainty in Washington D.C. can really impact our pocketbooks, and tip us into a prolonged recession," explained McNabb.
Professor McNabb says the last time Congress debated a debt ceiling default, interest rates on the US Treasuries increased.
When the US treasury gets more expensive, you have to pay more on existing debt.
McNabb argues that if the debt ceiling is not raised, many will be paying more interest on credit cards and loans.
It could also spearhead the country into a deep recession.
