washington is debt and deficits and that's about the budget. specifically the countdown to august 2nd, the day the treasury secretary tim geiger says he can't keep america from defaulting on its loans if we don't raise the debt ceiling. a number of republicans are challenging the notion that not raising the debt ceiling would be catastrophic. take the politics side. >> there is a technical default on the debt around the debt ceiling back in 1979, and that was just a mistake where they used to send out the checks and the checks got there a day or two late. just from that without all the politics around it and the game of chicken going on, we saw 60 basis point spike in treasury bond from that alone. so that gives us some warning that this is not something to play around with. >> let me stop you there, diane. for our viewers who don't trade-in treasury bonds, a 60 basis points increase, affect your credit cards.
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