Monday, July 25, 2011

Obama to Banks: We're Not Defaulting

While officials from the Obama Administration raised their rhetoric over
the weekend about the possibility of a debt default if the debt ceiling isn't raised, they privately have been telling top executives at major U.S. banks that such an event won't happen, FOX Business has learned.

In a series of phone calls, administration officials have told bankers that the administration will not allow a default to happen even if the debt cap isn't raised by the August 2 date Treasury Secretary Tim Geithner
says the government will run out of money to pay all its bills


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