A leading investor in America has said Washington is risking disaster in the debt crisis.
Blackstone Group President and COO Tony James talked to Scott Pelley about the debt ceiling crisis.
According to CBS News, James said that unless something is done to extend the debt ceiling, the Treasury Department will not be able to pay off America's bills.
He said that if there's no deal and the Treasury stops paying people, then it will be an Armageddon.
When asked what Armageddon means, James said that the stock market would drop. There would be a default on Treasury securities, which would cause margin calls. The financial system could freeze up like in 2008.
