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July 18th, 2011
08:24 AM ET
How to protect your personal finances from a possible debt default
With just two weeks to raise the $14.3 trillion debt ceiling before the August 2nd deadline, President Obama will continue to negotiate a possible deficit reduction deal this week with congressional leaders in an attempt to clear the way for congressional Republicans to back an increase.
How could the debt ceiling debate impact your money and your investments?
Donna Rosato, senior writer for Money magazine, joins American Morning today to talk about how to protect your personal finances if Congress can't come to an agreement.
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The best way to protect my personal finances if the government defaults will be to withdraw everything I have in the bank and spend it, because it will be worthless if I don't. Wait! If everyone were to do that, the recession would end, tax revenues would increase, employment would rise, and the problem would be solved! So everybody, spend your money now!