Tags: Perry | Debt Ceiling

Perry Calls Fears of Default Overblown

Wednesday, 27 Jul 2011 07:43 PM

HOUSTON (AP) — Gov. Rick Perry says predictions of gloom and doom if the federal debt ceiling is not extended are overblown.

Speaking at a bill signing Wednesday in Houston, the potential Republican presidential contender said tax revenues will still be collected. He said it was a "bit of a stretch" to think that, in his words, "somehow or another the world's going to come to an end."

Political gridlock has so far halted legislation to stave off the government default threatened for next week. Stocks plunged Wednesday on fears that congressional leaders would allow the U.S. to default.

Perry called the gridlock political theater.

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