Some in the Valley concerned over debt talks
FRESNO, Calif. (KFSN) -- The financial uncertainty in Washington has many in the Valley wondering what might happen to their savings, their investments and even their jobs if the stalemate over increasing the nation's debt isn't resolved.
The weekend talks between the president and leaders of the democrat and republican parties has Fresno's Sandy Brown, a husband, father and financial advisor worried for his clients and his family. "You put your money in the stock market it may or may not be intact when you need to go back to get that money."
Brown adds if America were to default on paying its bills no one's stock market investment will go untouched.. "You've got the savers on one side who aren't being rewarded at all for being prudent saving money and then you have the stock market that's been really volatile lately."
At closing Monday the Dow had dropped 151 points And on Capitol Hill two Valley Congressmen, Democrat Jim Costa and Republican Jeff Denham agreed one thing: default can't be an option.
"Given the fragile recovery of this great recession we've been in and raising the debt ceiling is not a blank check, not a blank check for spending," Jim Costa said.
"The senate needs to show a plan and we all work together. The president apparently has a new 4 trillion dollar plan. If he can come up with that we look forward to engaging in that process with him," Jeff Denham said.
The leadership of both parties is still working with President Obama to find a solution that will bring the votes needed to approve it. Still, the president told the nation, failure of a debt deal could potentially create another recession and cost millions of jobs.
Sandy Brown is concerned that in Washington, politics is at play. "I don't think they are necessarily putting you and me and our families at the fore front of their discussions."
president barack obama, jim costa, jeff denham, politics, nancy osborne
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