Default and the economy
President Barack Obama speaks in a rare prime-time address to the nation from the East Room of the White House on July 25, 2011 in Washington, DC. Obama urged passage of a resolution to the problem before the nation defaults on payments of the national debt.
Jim Watson-Pool/Getty Images
The U.S. economy has a tough couple of years, but is showing signs of a slow recovery. But if the federal government defaults on its debt obligations, will it mean a giant step back for the fragile economy?
Economists are not in agreement about what would happen, and we'll talk about possible economic scenarios.
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