The current federal debt limit guidelines are set to expire August 2nd, and if Congress doesn’t raise that limit before then, the country could default on its loans. Central College Associate Economics Professor Brian Peterson believes it’s unlikely the limit won’t be raised, but says both sides haven’t recognized all the options necessary to ensure long term financial security. Peterson says letting the debt limit remain at current levels won’t force bankruptcy, but rather will force interest rates on foreign loans higher, adding to long term debt and making borrowing more expensive.