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)