Local reaction, from seniors and financial advisers, to national debt squabbles

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by Brooke Katz

WHAS11.com

Posted on July 15, 2011 at 11:51 PM

(WHAS11)  Congress and the president took a break from their national debt squabbles today. Lawmakers are still trying to come up with a compromise plan. Exceeding the current debt limit would be unprecedented and could rattle the already shaky economy.

Those on Social Security and Medicare are worried about their checks, which may not be in the mail if a deal can’t be made by August 2.  “I’m mad,” said James Morris.  He’s retired and relies on Social Security to pay the bills.  “I’m not going to be able to buy a baloney sandwich at the supermarket.”

Morris said he’s worried that if he doesn’t get paid, he won’t be able to make ends meet. Others are wondering about their retirement savings. Kevin Boehnlein, a financial advisor, told WHAS11 News that people have been calling to ask for his advice. He said he’s telling them to try to not make any decisions based on fear.

Lawmakers have been negotiating for five days straight now. Today, the president addressed the nation saying it’s time for congress to say what it can pass. President Obama said he wants to cut four trillion dollars from the debt. He said he’ll go along with cuts to entitlement programs if he gets tax hikes for the rich.

House republicans won’t take the deal. They are expected to come out with their own plan that would reduce spending gradually over the next decade. It would also require congress to pass a balanced budget.
 

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