Debt ceiling crisis: another day without resolution as the clock ticks
The political dance over the US debt ceiling crisis continued Sunday with the possibility that top lawmakers could be summoned to the White House, although no meeting had been scheduled.
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Both Moody's Investors Service and Standard and Poor's have warned that they could downgrade the country’s triple-A credit rating, and the Washington Post reports that “the Obama administration has mounted an intense behind-the-scenes campaign to keep the nation’s major credit rating companies from issuing threats that they might downgrade the United States over the swelling size of the federal debt.”Skip to next paragraph
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"There might be a fringe who believes that playing with Armageddon is a good idea, but I don't think that's where the majority will be,” White House budget director Jacob Lew told CNN’s State of the Union Sunday morning.
That “fringe” includes a substantial number of freshman GOP House members philosophically opposed to raising the debt ceiling under any circumstances – locked into a position that Speaker Boehner is trying to talk them out of.
But it does not include many governors – Republican as well as Democrat – who see the dangers of defaulting on US debt obligations.
"It would be an embarrassment for the United States of America to default on its obligations,'' Virginia Governor Bob McDonnell (P) told the Reuters news agency at a meeting of the National Governors Association in Salt Lake City Saturday.
"I really think we need more statesmen and less politicians in Washington right now because it is a situation that must be solved,” Alabama Governor Robert Bentley (R) said in another Reuters interview.