Senate Majority Leader Harry Reid paints a bleak picture of what will happen if Congress can't strike a deal to raise the debt ceiling. Eddie Arruza and our economic panel discuss how the U.S. and European financial crises could impact your bottom line.

What are your thoughts on the federal debt ceiling negotiations? Paola SapienzaAdolfo LaurentiMichael Miller14th AmendmentBudget of the U.S. Government, FY2012Chicago Tribune articleThe Economist article