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Valley financial expert: Politicians using debt deadline as scare tactic

PHOENIX -- Many economists and political leaders have said failing to meet the Oct. 17 deadline to pay America's debt could send the country into another recession, but News/Talk 92.3's Smart Investor Wayne Stutzer said the U.S. has plenty of money to cover the debt.

"The world isn't coming to an end," he said. "Revenue is still coming in and the deadline to file taxes for this year is next Tuesday and that's going to be a chunk of change so from our research we could go into November. We have the money and the argument is about how to spend it."

Stutzer doesn't believe another recession is in the offing if the debt deadline is crossed. But he said the world is watching closely and failing to get a deal done would put doubt in people's minds and that would be damaging.

"If we default on the debt, China gets hurt worse than us."

The government has racked up $17 trillion in debt and the current interest on that figure represents about 10 percent of the nation's revenue.

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About the Author


Position: Senior News Reporter. Started with KTAR July 4, 1999.

Favorite spots in Arizona: Pinetop-Lakeside, Alpine, Greer.

Have covered some of the biggest stories in Arizona including nine of the top 10 largest wildfires in state history. The Wallow Fire in 2011 became the largest fire in state history. Rodeo-Chediski Fire in June 2002, which is the second largest fire in Arizona. Covered the Yarnell Hill Tragedy in June 2013 that left 19 Granite Mountain Hotshots dead.

Favorite movies: True Grit, both 1969 John Wayne classic and the remake with Jeff Bridges and Lonesome Dove.

Sports Teams: Washington State University Cougars, Texas Longhorns, The University of Montana Grizzlies.

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