We need to be worried:
Americans seem not to have awakened to the fast-looming debt crisis that could summon a new recession, imperil their stock market investments and shatter faith in the world's most powerful economy. Those are among the implications, both sudden and long-lasting, expected to unfold if the U.S. defaults on debt payments for the first time in history.
Facing an August deadline for raising the country's borrowing limit or setting loose the consequences, politicians and economists are plenty alarmed. The people? Apparently not so much.
They're divided on whether the raised the limit, according to an Associated Press-GfK poll that found 41 percent opposed to the idea and 38 percent in favor.
People aren't exactly blase. A narrow majority in the poll expects an economic crisis to ensue if the U.S., maxed out on its borrowing capacity, starts missing interest payments to creditors. But even among that group, 37 percent say no dice to raising the limit.
Full article
