Geithner Refuses to Talk Contingency Plans

Treasury Secretary Timothy Geithner Sunday refused to discuss contingency plans to make up for a cash shortfall if the United States does not raise the debt ceiling. Geithner, however, did say on “Fox News Sunday” the Obama administration was considering alternatives to defaulting on debts, Politico reports.

“We will do everything we can to mitigate the damage,” Geithner said, after host Chris Wallace pressed the issue. “We are doing the responsible thing.”

Geithner also refused to comment on which government payments would be prioritized. Analysts have said the shortfall might be offset by social security, veterans’ benefits, military pay, and payments to military contractors.