Financial adviser explains how debt ceiling debate impacts consumers

(KSLA/AP) — The U.S. House of Representatives on Wednesday (May 31) approved the debt ceiling and budget cuts package, sending it to the Senate for a vote, The Associated Press reports.

President Joe Biden negotiated the deal with House Speaker Kevin McCarthy to avert a U.S. default crisis. They worked to assemble a coalition of centrist Democrats and Republicans to push it to approval over blowback from conservatives and some progressives.

The U.S. faces a potentially disastrous default in less than a week if Congress fails to act.

Despite deep disappointment from hard-right Republicans that budget cuts don’t go far enough, the deal was approved on a bipartisan House vote with Democrats. The Senate is expected to act quickly by the end of the week.

Also Wednesday, KSLA was joined by financial expert Dave Evans, of Evans Financial Group, to talk about how raising the debt ceiling can potentially hurt consumers. Those reasons include:

• Increased interest rates
• Inflationary pressures
• Uncertainty and market volatility

WATCH THE FULL INTERVIEW BELOW:

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