It was quite a comeback Tuesday on Wall Street. At one point, the DOW was down 173 points, but pared losses late in the day. It closed 68 points lower.

Still, there are some new concerns, including further evidence the economy is slowing down and growing global debt.

The U.S. is front and center as the debt ceiling is reached. Some maneuvering will allow borrowing through August 2nd.

"We've really spent a lot of money as a nation through our government in the last really almost 30 years now," Associate Professor of Economics at UW-Eau Claire Dr. Thomas Kemp said.

The U.S. Government has reached a breaking point.

"This is not a problem that can be solved today, next week, next month or even next year," Kemp explained.

Kemp says the looming debt ceiling is an issue that affects us all.

"This is a matter of government stability which is in all of our interests. It's a question of monetary stability, the value of the U.S. dollar which is in all of our interests," he said.

He says defaulting on our debt would raise the government's interest rates and make the dollar weaker.

"All of our goods and services that we import from around the world whether they are sweat socks or t-shirts or oil become more expensive," Kemp explained.

In uncertain economic times, Edward Jones Financial Advisor Bill Hilgedick says it's important to stick to your financial game plan and avoid making any rash decisions.

"It's something we should be aware of, but it's not something that should be a dramatic change for how we live our lives. Panic is not a real good way to make a decision," Hilgedick said.

As a country, Kemp says we have a few options: raise the debt ceiling, raise taxes or reduce our spending.

"Defense spending, Medicaid and Medicare constitute the vast majority of federal government spending. Indeed, there's no way you can even get close to balancing the budget without some sort of alteration in one or most likely more than one of those areas," Kemp said.