TAMPA - Last time the Republican congress threatened not to raise the debt limit, the United State's credit was downgraded and the Dow Jones industrial Average lost over 600 points in a single day.
This time economists are warning of higher interest rates on home and car loans and an even more dire consequence of failing to raise the debt limit by October 17. The Social Security Administration say they may have to interrupt social security benefits for some 46 million Americans including 78-year-old Mario Chacon of Tampa.
"Oh I would be mad" said Chacon who would lose just over $1500 a month.
While the President sounds the alarm in stark terms , some Republicans downplay the danger of failing to pay all the bills.
'It's a big deal, but it is not an economic collapse' said Republican Congressman David Schweikert of Arizona.
It could be a political collapse. Those over 65 years old tend to vote reliably. Some will punish Democrats supporting the President's refusal to bow to Republican demands. Others will take it out on Republicans refusing to pass a budget extension and debt ceiling increase.
Frank Castellano, an 88-year old from Tampa is torn.
"I don't know, I think I'd blame both sides."
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