What Happens if the Nation Defaults on Its Debt?

Two days — that's how long Congress has before the nation could begin defaulting on its debt.

The time crunch has lawmakers scrambling to reach a deal.

But what happens if they don't?

"I think people are expecting that . . . there will be some massive, overnight plunge in the stock market – frankly, I don’t think that’s likely," said Felix Salmon, finance blogger for Reuters. "The problem is that we’re going to have this erosion of confidence," which will lead, he said, to gummed-up markets and perhaps a recession.

To hear Host Amy Eddings' full conversation with Felix Salmon, click on the audio player.