If you watch ABC, NBC and CBS, you might think that the debt default is inevitable. Market experts aren’t so sure. While the debt ceiling will be reached on Oct. 16 without Congress intervening, the jury is out on what would actually happen. Many experts, including Forbes, Bloomberg Business Week and Moody’s Corp., have argued that the default would actually hit weeks later, if at all.
Since the shutdown was first mentioned – from September 20 until October 12 – the term “default” has been used in 67 morning and evening news stories. Of these, 58.2 percent (39 out of 67) talked about the default as if it were inevitable. ABC was the worst, with 74 percent (17 of 23 stories) insisting that the default was inevitable. Fifty-six percent of CBS stories (14 out of 25 stories) said the default would definitely occur on the 17th, and NBC had 42 percent (8 out of 19 stories).