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Deadline to raise the debt ceiling quickly approaching
ALBANY -- If the government shut-down has you fuming, the situation could get even worse come next week. That's because the deadline to raise the nation's debt ceiling is October 17th.
What that means, is that is when the treasury department runs out of money to pay it's bills
"Theoretically we could fall back into a recession again, and falling back into a recession obviously neither party would really want to happen," says Benjamin Chuckrow, with Wells Fargo advisors says.
"If this were to go on and, if the treasury, if the president, if neither side were to compromise and they actually allow the united states not to raise the debt ceiling and we were to actually default on our treasury obligations, that would be a very very bad thing, and that would create potentially dire circumstances for the us economy," he adds.
Congressmen Paul Tonko was back in the Capital Region Sunday, one day before congress gets back to work with votes scheduled for Monday.
" I thought it was good to just get a change of scenery and to come back and hear from people reach out to the district," he says.
Tonko like many is frustrated with what's going on in Washington, saying the shut down is detrimental for the economy, costing 300 million dollars per day.
"These are devastating to our economy. we need to make certain that we can go forward, in a way that grows the economy and gets these first two blocks funding government and paying America's bills addressing the debt ceiling as the basic work that needs to be done so that we can move forward with the people's business."
Congress must decide to raise the debt limit or face defaulting on the nation's loans for the first time in history.