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Economic outlook grim if no debt deal reached

Horror stories are flying about the damage that might be wreaked should Congress and President Barack Obama fail to cut a deal by the Aug. 2 deadline to increase America's borrowing limit. Nearly every American is in harm's way, either directly or indirectly.

By Tom Raum | Updated on July 15, 2011
President Barack Obama answers questions on the ongoing budget negotiations during a press conference in the Brady Briefing Room of the White House in Washington, Friday, July 15, 2011. (AP Photo/Evan Vucci)

WASHINGTON (AP) — Horror stories are flying about the damage that might be wreaked should Congress and President Barack Obama fail to cut a deal by the Aug. 2 deadline to increase America’s borrowing limit. Nearly every American is in harm’s way, either directly or indirectly.

Absent a deal by then, the government would find itself tight on cash and unable to borrow — and have to start deciding which of the 80 million bills due in August it should pay and which it should put off.

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