Transcript for The Debt Deadline and 401(k)s
brink a lot of you have been writing us to ask is congress about to trigger a recession and what about the repercussions in your daily life. Rebec rebecca jarvis at the stock exchange. Reporter: Tonight 401(k)'s hanging in the balance tracking washington's every move. What is the biggest concern here on the trading floor right now? That the circus in washington managed to somehow outbluff each other and go past the deadline. Reporter: The world watching, too. Calling d.C.'S game of chicken lunacy, chaos. The international monetary fund chief warning it could cause a massive disruption the world over and another recession. No one thought this was going to happen in the first place or get this far. Reporter: But it has. Without a deal this week experts warning of a domino effect, the dow plunging 500 or 600 points, higher interest rates, more expensive mortgages and car loans, consumers spending less and leading to job loss. Americans worried. My greatest fear is that small businesses like the one my husband and I own will be significantly impacted because people will once again be afraid to spend. Reporter: After thursday the government owes $328 billion in bills but has just 222 billion dollars to cover them which means medicare and veteran's social security payments are threatened. The next critical date, october 23 when social security checks are supposed to go out. I want to ask you this. Is it possible the instability could be triggering a recession down the road? Reporter: We've already seen some of the damage done to consumers. Our confidence is at a nine month low. What we just heard from jon karl, they're going to in the best case scenario stagger this another three months. When we think as consumers how we behave, we know with our wallets we've got another battle ahead. We do want to note that three americans won the nobel
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