U.S. debt default a concern for NE farmer

A southeast Nebraska farmer says he’s concerned about the consequences for agriculture if the U.S. government defaults on its debt.

Nathan Dorn tells Brownfield Social Security will be at risk.

“If the U.S. defaults, that’s one of the first people who may not get paid and we have landlords collecting Social Security and other things like that. If debt doesn’t get paid, interest rates would likely skyrocket.”

Dorn says if the U.S. must pay more interest to borrow money, the bank probably does, too.

“A default by the federal government would lead to rising interest rates across the board, affecting any farmer with loans at the bank.”

Congress is considering a bill that would raise the debt ceiling and avoid a default, but the agreement must be approved by Monday.

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