White House: Defaulting is 'Not an Option'

Politics Reuters

The White House said on Tuesday the risk of failing to secure a deal rises as an Aug. 2 deadline nears for increasing the national debt ceiling but insisted that default is "not an option." 

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"The closer we get, the greater the risk," White House spokesman Jay Carney told reporters aboard Air Force One headed to Puerto Rico. But he said the Obama administration takes the word of Republican leaders seriously that they want to secure a deal.

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