Congress' top adviser on federal budget issues warned Tuesday that even a brief default on U.S. credit obligations, triggered by a failure to raise the national debt limit in a timely fashion, would be "a dangerous gamble," with potentially far-reaching consequences for the U.S. economy and citizens who rely on crucial social services. "It is a dangerous gamble because any government that has borrowed as much as ours has borrowed and will need to borrow as much as ours will need to borrow cannot take the views of its creditors lightly," CBO Director Doug Elmendorf told a roomful of reporters at a breakfast roundtable hosted by the Christian Science Monitor. "Even a small increase in the perceived risk of Treasuries would be very expensive for the countries."
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