INTERVIEW: Consequences of Defaulting on US Debt

Updated: 10/14/2013 8:30 PM By: Cassie Hart

There are just three days left before the U.S. Treasury Department says the United States will run out of funds to pay for its $328-billon commitments.
Wall Street's top bankers and stock market analysts are convinced there would be global catastrophic consequences unless there's a deal this week to raise the debt ceiling.

We wanted to know what this really means. We asked Professor Jeanne Boeh from Augsburg College to talk more about the topic.