Financial Experts Advise Not To Panic
The looming deadline, when lawmakers will have to reach an agreement on what to do about the Nation's debt limit. Right now this is a stalemate with two competing plans: one that likely won't pass the House and the other that won't likely pass the Senate. There is plenty of concern as to what all of this will mean if the government does not come up with a compromise.
Certainly the United States finds itself in unchartered territory. The best advice to Arkansans is not to go into panic mode.
It was a busy afternoon at Congressman Tim Griffin's Little Rock office. Staffers fielding phone calls after the Presidents address Monday night.
Republican Congressman Griffin believing without a doubt a decision will be made by the August second deadline. "I don't think there is a chance that folks aren't going to get their social security checks or that veterans aren't going to get their checks. I believe that we'll get a resolution. We are not going to default."
Democratic Congressman Mike Ross, also optimistic for a resolve, albeit short term. "I fear the worst will happen. Economist predicting we might be looking at double digit interest rates & unemployment and a stock market crash. And I think the fact the Republicans are refusing to compromise, I think they're playing with fire."
But at the end of the day, what does this mean for the average Arkansan? Many worried about 401k's, the stock market crashing and when or if to move money. Senior Vice President at Delta Trust, Bob Williams says stay calm and sit down with your financial planner. "I'd suggest you pick up the phone and have this conversation with them and let them tell you how they think they can best help position yourself to help ride this out because everyone is different."
If the debt ceiling is not raised, it no doubt will be tough on the stock market. However, both Congressmen do not expect that to happen. They expect to have a resolution of some kind.