Debt ceiling dilemma could affect your wallet

Author: John Paul

Local economists fear if debt ceiling debate is not resolved, it could create problems in the economy.

When the nation's economy is growing at a fast enough pace, our debt does not grow. But right now the economy is not growing fast enough. That has politicians on edge, and a debt ceiling debate is on.

Tom Cosimano, an economics professor at the University of Notre Dame, said if you aren't following the developments in Washington D.C., maybe you should.

"This raising of the debt limit has to deal with the long term fiscal position of the government — what's going to happen in the next 10 to 20 years," Cosimano said.

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