Obama Adviser: Debt Default Contingencies "dire"

Sunday, 31 Jul 2011 11:48 AM

WASHINGTON (Reuters) - 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 were "dire."

"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."

Sperling added that before the deadline was missed, "we will brief people on what the impact would be on failing to raise our debt limit by the deadline of August 2nd."

U.S. lawmakers said Sunday they were close to a deal to avoid a potentially catastrophic default.

(Reporting by Jackie Frank; Editing by Vicki Allen)

© 2015 Thomson/Reuters. All rights reserved.

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