ABC27 WHTM Experts say national debt affects everyone on local level

Experts say national debt affects everyone on local level

America owes $14 trillion and counting. And that number continues to grow by $2.5 billion every single day.

But America is rapidly approaching its debt limit.

The politicians in Washington are fighting over the debt ceiling. Republicans want promises to cut spending before approving more borrowing. Democrats want the rich to pay more taxes. And the clock is ticking. The deadline to doomsday is August 2nd. The president is so nervous, he keeps calling press conferences to talk about it.

"Now is the time," said President Obama. "If not now, then when?"

Politicians fighting in Washington is nothing new, so should average midstaters care? Absolutely, says financial advisor Peter Labella

"The average person will be unemployed... that's why he should care," Labella said.  "His 401 k plan will get killed and interest rates will go through the roof...there won't be a chance of buying a house ever. iIt'll be a complete disaster."

Bob Marquette is the president and ceo of Members First Federal Credit Union. He says higher interest rates mean you'll spend more to pay off that credit card - and more to borrow.

"Let's say [you're] looking to buy a house soon or sell a house...it can effect a person's ability to buy an existing homes," he said. "It will effect consumers in a myriad of ways... and not good ones."

Less borrowing for businesses means more layoffs. Unemployment goes up while consumer spending and confidence goes down - all due to a philosophical fight.

 "These people on the left and right have to figure out a way to compromise this and deal...it's about time our politicians grew up.," Labella said.