‘Foong on Finance’ with Keat Foong: The Debt Ceiling Debate

The Mortgage Bankers Association (MBA) has called upon policymakers to “act swiftly and find a workable solution” in the current debt ceiling negotiations.  

“The likely impact to the financial markets, interest rates, and to every family in America will be costly if the ceiling is not raised,” says David H. Stevens, president and CEO of the MBA, in a statement issued this week.

Some have argued a solution has always existed that will eliminate the necessity for Republicans/Democrats to negotiate to drastically cut federal spending or Social Security (which does not contribute to the federal deficit), Medicare and Medicaid: the President can raise the debt ceiling unilaterally.