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Prediction market pundits at intrade.com are betting there is only a 15 percent chance that Congress will approve an increase in the debt ceiling to $15.1 trillion by July 31, thus raising serious concerns about the US credit worthiness and potential for going into default.
That said, the popular prediction market bettors give the US debt ceiling increase a likelihood of happening before August 31 at 83 percent and prior to September 30 at nearly 89 percent.
US debt default fears have gripped the entire world as members of Congress continue to butt heads with a “Doomsday” deadline of August 2 just days away.
The Dow has fallen five straight days because of worries that the U.S. might default on its debt if Congress doesn't raise the country's borrowing limit. It's down more than 484 points, or 3.8 percent.
- Aaron Goldstein, Gambling911.com
