How not raising the debt ceiling could affect your wallet

The clock is ticking toward what could be a big blow for America: defaulting on federal debt.

Americans could be in trouble if the Treasury runs out of its emergency funds to pay for things the country has already agreed to fund, including Medicare and Social Security. That is expected to happen sometime in October, meaning Congress needs to act on the debt ceiling quickly. 

The debt ceiling had been suspended, but that suspension ended at the end of July. 

Straight Arrow News’ Business Correspondent Simone Del Rosario explains why all Americans will feel the impact if the country defaults on its obligations.