US Credit at Risk as Default Deadline Looms

What would happen if the debt ceiling is not raised and the country defaults?
1:39 | 10/16/13

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Transcript for US Credit at Risk as Default Deadline Looms
And with the debt crisis looming, a number of serious scenarios could play out if the country goes into default. Abc's rebecca jarvis is at the new york stock exchange on what it could mean for your money. Good morning, rebecca. Reporter: Good morning. This morning, the nation is on probation. Finch putting the u.S. Sterling credit rating in jeopardy. Calling the brinksmanship in washington, a threat to a possible default. They are the three things in motion thursday if lawmakers can't reach a deal. First, like a maxed out credit card, we hit our limit. At the stroke of midnight, the country, by law, cannot borrow another penny. Second, tough choices. With just two-thirds of the money to cover the bills, lawmakers have to choose who and what gets paid on time. Among our commitments, $12 billion to social security on OCTOBER 23th. 6 billion on our debt on OCTOBER 31st. And $58 billion, to social security, medicare and military and government pensions november 1st. And finally, default. No one knows the exact moment it will happen. Then, on partisan congressional budget office says says between october 22nd and november 1st. The minute the u.S. Misses a payment to social security, medicare, or our debt, it's happened. We're a nation in default. And even though the clock is ticking down, we're so close to that final deadline. Stocks are pointing to a higher open this morning, with investors hopeful they can get something done in d.C. It does. Like you said, looks like they're going to open up. Let's hope so. Let's get the latest on the

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