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  • Federal Reserve Actively Preparing For The Possibility of U.S Default

    1 posts, 1 voices, 280 views, started Jul 21, 2011

    Posted on Thursday, July 21, 2011 by Denise Richardson

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    • Diamond
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      The Federal Reserve is actively preparing for the possibility that the United States could default as a deadline for raising the government’s $14.3 trillion borrowing limit looms, a top Fed policymaker said on Wednesday.

      Philadelphia Federal Reserve Bank President Charles Plosser said the Fed has for the past few months been working closely with Treasury, ironing out what to do if the world’s biggest economy runs out of cash on August 2.

      “We are in contingency planning mode,” Plosser told Reuters in an interview at the regional central bank’s headquarters in Philadelphia. “We are all engaged ... It’s a very active process.”

      Plosser said his “gut feeling” was that President Barack Obama and Congress will come to an agreement to increase the Treasury’s borrowing authority in time to avert a default on government obligations.

      Obama was due to meet with top Republicans in Congress on Wednesday to discuss the latest attempts to end the dispute over raising the country’s debt ceiling, a row which has raised the prospect of the Treasury Department running out of money to pay its bills next month.

      The Treasury has repeatedly said default was unthinkable and that there was no alternative to raising the debt ceiling, and Plosser’s remarks marked the most extensive public comments on the matter from a U.S. official.



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