Debt ceiling battle: How does it affect your wallet?
The Excerpt
USA TODAY
4.1 • 1.2K Ratings
🗓️ 18 May 2023
⏱️ 14 minutes
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Summary
USA TODAY Graphics Editor Jim Sergent discusses how the potential debt ceiling crisis could hit Americans' finances.
Bryan Kohberger, the student accused of stabbing and killing four University of Idaho students in November, has been indicted by a grand jury.
The Supreme Court denies a request from gun rights groups to block Illinois laws banning the sale of certain semi-automatic rifles.
The future of a popular abortion pill is up in the air.
USA TODAY NBA Reporter Jeff Zillgitt looks at the hype around Victor Wembanyama, potentially the next basketball superstar.
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Transcript
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| 0:00.0 | Good morning, I'm Taylor Wilson, and this is five things you need to know Thursday, |
| 0:07.6 | 18th May, 2023. |
| 0:11.4 | Today, what happens to Americans' money if an agreement is not reached over the debt ceiling? |
| 0:26.0 | Plus, we're days away from a new arrangement in the Idaho Stabics, and we look at the latest |
| 0:30.8 | generational talent coming to the NBA. |
| 0:41.0 | A standoff continues over raising the debt ceiling, and if agreement isn't reached soon, we |
| 0:46.6 | could be in for economic catastrophe. |
| 0:49.7 | What's that mean for American wallets? |
| 0:52.1 | I spoke with USA Today Graphics Editor Jim Sargent for more. |
| 0:56.5 | Jim, thanks for wrapping on the show. |
| 0:57.9 | Thanks for having me. |
| 0:58.9 | We're going down to the wire on debt ceiling negotiations. |
| 1:01.9 | The clock is ticking just two weeks to go. |
| 1:05.0 | Jim about half the country own stocks directly or indirectly through a mutual fund or a 401k. |
| 1:12.0 | What can they expect if the debt ceiling either isn't raised in time or worse the US defaults? |
| 1:18.2 | I think anyone should be able to probably expect that the closer we get to the X-Day, |
| 1:23.8 | which is the term everyone uses for the day when we would default. |
| 1:28.3 | The markets will get shaky, and that's my technical term for volatility. |
| 1:33.1 | Right now, the only place you've really seen unsettled investors is in the bond market where |
| 1:38.8 | four week T-bills have jumped to their highest rates ever in the first auction in May, because |
| 1:45.1 | investors are asking for a higher return on the off chance that the US might default. |
| 1:50.9 | If you're looking at the stock market right now, it's been trading at a really tight, |
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