WASHINGTON — White House economic adviser Gene Sperling said Sunday the administration would make public the contingency plans to meet U.S. financial obligations if there is no debt limit agreement in Congress but said those options are severe.
"While there are contingency plans being done, there are no good options. They are all very, very dire, and that's why the focus has to be on finding a bipartisan agreement as quickly as possible," Sperling said on "Fox News Sunday."
Before the deadline is missed, Sperling said, "we will brief people on what the impact would be on failing to raise our debt limit."
Lawmakers and the White House said Sunday they are close to a deal to avoid a potentially catastrophic default.
Sperling also said he is "not worried that the United States. will have a double-dip recession."
Sperling said the debt uncertainty was "a self-inflicted wound" that contributed to lower U.S. economic growth as did external events including higher gasoline prices and the downturn in the U.S. auto industry in the first half of 2011.
© 2013 Thomson/Reuters. All rights reserved.