LA CROSSE, WI (WXOW)—UW-La Crosse Political Scientist Assistant Professor Jacob Holt predicts a deal ending the government shutdown will come on October 17 when congress has to deal with raising the debt ceiling.
Holt and Tim Dale, another UW-L Political Science Professor, spoke to a group of students and community members about the government shutdown and debt ceiling Wednesday evening.
Government shutdowns are nothing new; since 1976 we've had 17.
Wednesday's goal was to emphasize the impact of failing to raise the debt ceiling.
"There are too many players that view that is going to be a big risk," Holt said. "They say that is taking us somewhere we don't know where that is going to lead us. If we hit the debt ceiling it could make the great depression look like small potatoes."
If we do hit the debt ceiling, Holt said the U.S. will have much higher borrowing rates, higher taxes, more budget cuts and a potentially devastating stock market collapse.
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