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Economic expert says “a little too late” to avoid debt limit consequences

No matter what happens in Washington, we’ll feel some impacts of this ongoing debt limit and government shutdown situation.

That’s according to Ithaca College Economics Professor Elia Kacapyr, who thinks the U.S. will still find people willing to give the country credit, but at a higher interest rate.

“This higher rate of interest means that when ordinary people go to borrow money to buy a house or to buy a car, they’ve got to compete with this higher rate the government is paying, and they have to pay a higher rate of interest,” Kacapyr said.

And that, he adds, will mean less economic growth moving forward.

“I’m afraid it’s already a little late to suffer no consequences,” Kacapyr said.

He doesn’t believe, however, that worldwide markets will be impacted as much as some have predicted.

 

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