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.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved