No debt-ceiling deal could be a big deal for Illinois

July 25, 2011

Produced by Eight Forty-Eight

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(Flickr/msaari)
As the deadline to raise the debt ceiling looms, what would a Federal default mean for Illinois?

The weekend brought a little relief temperature-wise but in Washington, a different pressure system remained in place: The debt ceiling has not budged. The U.S. Treasury Department warned of a possible federal default if Congress fails to reach agreement by Aug. 2, which could mean potential new money trouble for state and local governments--Illinois already owes plenty. But how much worse could it get? To find out, Eight Forty-Eight was joined by Thomas Mondschean, a professor of economics at DePaul University.

Music Button: Jimmy Edgar, "Outer City Sound-Hefty Cut Up Remix", from the CD History Is Bunk Pt. 1, (Hefty)