Debt Ceiling Deadline Approaches - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Debt Ceiling Deadline Approaches

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While much of the focus in Congress right now is on ending the government shutdown, ANOTHER deadline is looming. Congress has until October 17 to pass a bill that would either raise the nation's debt limit or cut spending.  If nothing is done, it could start affecting the stock market and interest rates.

"The down grading of the credit is why interest rates go up and gold prices go up. Because we are not as good as gold anymore. Gold is better than us, well always was. But it now looks even better so with that interest rates climb on a lower U.S. credit rating and the valuation of our dollar also goes down," says Eugene Graner, Heartland Investor Services.

Graner says he is hopeful something will pass before the deadline.

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