VIDEO: Tewksbury Officials Concerned About Local Impact Of Possible Federal Default
Veterans benefits, locai aid, interest rates among the areas of concern.
Should Congress and President Obama not be able to reach a deal to raise the National Debt ceiling, Tewksbury officials are concerned with the trickle down effect a Federal default would have on local government service and the Tewksbury economy.
Veterans benefits, locail aid and interest rates on bonds are just some of the concerns raised by local officials.
State Rep. James Miceli also expressed concerns about the impact a default would have on unemployment benefits and residents' 401K retirement accounts.
Town Manager Richard Montouri said the impact on services and tax rates would not be felt immediately unless local aid from the state were cut mid-year. However, he said the impact on the FY 2013 Budget would be significant.