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What do you think of the government's debt ceiling?

"I don't think they're doing their job.  In my opinion, they're playing politics.  It's 'I'm a democrat' and 'I'm a republican' instead of the issue," said Terry Cook, a senior citizen in Quincy.

That issue is whether or not to raise the government's debt ceiling while cutting back spending.  Congress has one week to make a decision before its August 2 deadline on the U.S. debt ceiling.

"I think it is atrocious, and we have got our country in a real bad situation," said Rita Brod, a Quincy senior citizen.

It's a situation these seniors in Quincy have no control of.

"If they don't do something by next Tuesday and we default, what will other countries think of us?" said Cook.

"We're a superpower and we're very rapidly losing that status," said Brod.

She's one of many residents in the Tri-States who are unhappy with the government's back and forth politics on the debt.

"Raising the debt ceiling is the wrong way to go.  You know, 40 cents of every dollar is borrowed money.  And that can't keep going on because you have interest to pay on top of the debt," said Brod.

Many of these seniors are living off social security checks, which has been threatened with cuts during negotiations.

"I'm watching to see if I get a check the fourth," said McGlasson.  "I paid into my social security.  Without it, they'd probably kick me out because I can't pay my rent, I'd be on the street.  When I hit the street, I'll hit Washington."

Investment Advisor Jeff Kennedy says not to panic just yet.

"Seniors really aren't going to have to worry about their payments going out.  There's plenty of cash flow there for the checks that need to be done," said Kennedy.

He says not to buy into the hype of politics.

"Most of them think their job is getting reelected, so they're playing politics and not doing the job they were sent to do," said Kennedy.

Regardless of whether or not the country defaults next Tuesday, Kennedy says there will still be revenue coming in.  He says one thing's for sure.

"Cutting spending's gotta happen.  That will happen.  To what degree we don't know."

"They're just putting a band aid on a wound.  It won't settle anything," said McGlasson.

"I don't what the answer's gonna be but I don't like it," said Cook.

Watch the video for more information.

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What's the U.S. debt ceiling?

The legal limit on borrowing by the federal government. Before 1917, Congress had to approve borrowing each time it came up. In order to allow for more flexibility as the nation entered World War I, lawmakers agreed to give the federal government blanket approval for most types of borrowing — as long as the total was less than an established limit. As of May 16, the U.S. reached its debt limit of $14.3 trillion. Despite ongoing efforts by congressional leaders to hammer out a deal for raising the debt ceiling, all indications suggest that the two parties remain far apart on a viable bipartisan agreement.

What happens if lawmakers fail to act by the Aug. 2 deadline?

The United States will be in a position where it can't pay all its bills. A failure to raise the debt ceiling would likely send shockwaves through the financial system, and possibly ripple out to individual investors and consumers.

The federal government would be forced to prioritize its payments. It would risk defaulting on its financial obligations. And if that happens, credit rating agencies would downgrade U.S. debt.

If the U.S. were to lose its AAA credit rating, foreign investors, who hold about half of all U.S. Treasuries, might demand higher interest rates in exchange for holding the debt.  And other major holders of U.S. debt, like pension funds, states and insurance companies, would be put in the awkward position of having to decide whether to take their money to other safe-haven investments.

What does America's debt ceiling mean to you?

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