What happens if the U.S. defaults? Major job losses, mortgage rate hikes possible

President Obama and Congressional leaders came up empty again Monday in the talks to raise the nation's debt limit. The President and Hill leaders have agreed to meet again today with just 22 days until our nation's credit card can't cover the bills anymore. And no one knows for sure what could happen to the global economy if the U.S. defaults.

This morning on American Morning, Ali Velshi talks to Jay Powell, former Treasury Under-Secretary in the Bush Administration. He explains the possible outcomes of a U.S. default.