default

Ford School economics professor Justin Wolfers has been saying that a recession does not seem likely, given continuing strong employment numbers. The threat of a default, on the other hand, could have been disastrous. Here are some excerpts of his...

Justin Wolfers, NPR All Things Considered: "Just like your family has to live within a budget, you might say you want Congress to live within a budget, but defaulting on the debt does not reduce our spending. It just means we stiff our creditors. So...