Richmond, Va. (Newsradiowrva.com) - As leaders in Washington meet on the debt ceiling, a public policy professor at Virginia Tech says a default could have real impacts on Virginians. Without the debt ceiling being raised, the United States could default on its debt on June 1st. Republicans want assurances of budget cuts before agreeing to a raise, while Democrats want the budget and debt ceiling kept separate.
Virginia Tech Public Policy Professor David Bieri says without a raising of the debt ceiling, military members might not get paid, and social security and other payments might not go out. He also says it will create issues in financial markets, impacting people's retirement and other accounts. Bieri says that could even occur before the ceiling is hit.
Bieri believes someone will blink before the ceiling is reached.
