Radio Smart Talk for Wednesday, July 27:

For weeks the debate has raged in Washington about increasing the nation's debt ceiling.  The drop dead date is August 2 -- next Tuesday.  If there is no agreement between Republicans and Democrats in Congress and the White House, the U.S. could default on its $14,000,000,000,000 in debts.

President Obama told a nationwide audience Monday night that the debate between the parties had become a three-ring circus.  Polls up until this point have shown most Americans have not been paying much attention.  That's even though every American could be impacted with higher interest rates and prices or delayed Social Security checks if the U.S. defaults.

There's no doubt the two parties have used the debt ceiling debate to score political points.  Republicans have insisted on big spending cuts, saying the federal government is spending too much, if they are to support raising the ceiling.  Democrats have signaled they're willing to go along with spending reductions but also believe there is a need for increased taxes in some areas -- something Republicans refuse to consider.

What does it all means to you?  On Wednesday's Radio Smart Talk, Scott Ehrig, Vice President and Regional Portfolio Manager M&T Investment Group - Private Client Services, joins us to explain.

What questions do you have about the debt ceiling?  Are you concerned about your own finances, investments or retirement plans if there is no agreement before August 2?

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