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Malloy: Debt Ceiling Stalemate Could Be “Cataclysmic”

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Connecticut Gov. Dannel P. Malloy.

Connecticut Gov. Dannel P. Malloy.

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HARTFORD, Conn. (AP) _ Gov. Dannel P. Malloy says he fears a failure by Congress to raise the debt ceiling could have a “cataclysmic” impact on the nation and Connecticut.

Malloy said at a news conference after a State Bond Commission meeting that he is particularly worried about the potential impact on the state’s bond market and insurance rates.

Malloy says he is hopeful for a solution and says raising the debt ceiling appropriately could avoid disaster and lead to an influx of cash.

Congress is tied in knots over whether and how to raise the country’s debt limit before a deadline next week.

Failure to reach an agreement could spike interest rates and lead to global financial woes.

     (Copyright 2011 by The Associated Press.  All Rights Reserved.)

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