The Free Press, Mankato, MN


October 8, 2013

Debt default could create 'apocalypse'

Why it matters: Numerous experts say U.S. default would dwarf the 2008 financial crisis


The seriousness of the situation seems to be lost on the Democratic and Republican leaders in Congress. The lines are hardening, making fallback positions of compromise even more difficult to achieve.

Billionaire Warren Buffett has likened a using the debt ceiling to extract political deals to the use of a nuclear bomb, “too horrible to use,” he told Bloomberg News. Morgan Stanley CEO James Gorman urged his employees and the public to contact their member of congress and urge them to reject the “unacceptable consequences” of a government default.

Let’s hope Congress and the president are listening.

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