Detailed text transcripts for TV channel - CNN - 20110411:16:34:00
Have to default or to continue the analogy, not make our credit card payment. that would be really bad for the value of the u.s. dollar. >> if the u.s. government cant borrow enough money to keep it running, then what happens? >> then theyd have to take immediate action to cut spending or raise taxes or some kind of combination in order to meet its obligations. according to tim geithner, the treasury secretary, not raising the debt ceiling would have some very tangible consequences immediately. ...
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