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fulfill their responsibilities as members of congress. representative ted yoho, just yesterday, said someone needs to convince me why we need to raise the debt ceiling. warren buffet, know as thing or two about the financial markets and the economy said it should be like a nuclear bomb basically two horrible to use. the head of pimco says default would be a tragedy for america. on the other hand, republican senator says default is manageable for some time. the experts say default would lead to 14% unemployment and the worst recession since world war ii. crossing the debt ceiling would be catastrophic. senator rack paul says if you don't raise the debt ceiling we balance the budget. ben bernanke says default would be very costly to our economy. the debt ceiling is a very dangerous thin to play with. so these are the voices that have been driving -- >> you are listening to white house press secretary discussing the latest proposal by republicans that might end the debt ceiling crisis perhaps deal or no deal when it comes to the debt crisis. that clock ticking now, the october 17th dead
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saying the debt ceiling deadlines is not a big deal. congressman ted yoho from florida says: >> is there any economist who believes this? >> no, of a the debt ceiling, you have a debt payment coming due at the 31 of october, and then you have some title payments that need to be made in the middle of -- actually at the end of that month and then another debt payment due in november. if the government defaults, it is going to cavity us in such a horrendous light, and really would be unprecedented. at no time in history has the world's largest economy defaulted on its debt. >> besides what we expect to see on wall street, how would the average american be affected? would social security be affected? mortgage rates? >> there is some talk among republicans that maybe we should pay our treasury obligations, pay our debt, and not pay veterans and social security recipients. that's a horrible idea. first of all, it's politically in10ous, because china would be getting paid ahead of veterans. the republicans haven't considered the result of that. >> given that china is the alarmingest u.s.
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