U.S. Debt Default Still A Possibility: Peter Cohan

The United States seems to be on the edge of an unprecedented default, as the Aug. 2 deadline for Congress lifting the limit on the amount it can borrow fast approaches. Politicians in Washington have been locked in hard bargaining on the debt issue. But, to the outsiders, the process looks extremely complicated and hard to understand. Venture capitalist and author, Peter S. Cohan tells Annuity News Now "The chances of a default are low...but we don't have a signature yet so we just don't know."
For outsiders looking in on the crisis facing the United States, this is about more than economics -- some see a failure of democracy.
Cohan also says " It's not certain what the total result would be of a U.S. debt default, but it may not be the Armegeddon everyone is fearing."