HARRISONBURG, Va. During Thursday's shutdown talks, Republicans want the current budget talks to include discussion about raising the debt ceiling.
The United States is set to reach the debt ceiling on October 17.
If no deal is reached to raise the current debt ceiling of $16.4 trillion the country's credit rating will go down, which may be the case even if a deal is reached in time.
If no deal is reached to raise it by October 17, the government won't have enough to pay it's bills, meaning any federal service or agency may face cuts.
According to Dr. Pamela Drake, a finance professor at JMU, even if a deal is reached we might see our credit rating go down meaning borrowing rates go up.
The country has been spending too much she said, and it might lead to tough times including the Valley.
"A lot of this is psychological. A lot of it is the uncertainty. We don't know whats going to happen. Therefore, companies are afraid to hire. Companies are afraid to make further investment,expansions and new products. That uncertainty is going to affect us here in the Valley, because we just don't know whats going to happen," said Drake.
To make it even worse, Drake said the further this shutdown continues, the sooner we might reach that debt ceiling before October 17.
© Copyright 2013 WHSV / Gray Television Group, Inc. All Rights Reserved.