Jul 28, 2011

Bachmann doesn't believe dire warnings about default

By Catalina Camia, USA TODAY
Updated 2h 47m ago

GOP presidential hopeful Michele Bachmann said she doesn't believe the dire warnings that the federal government will default if the debt ceiling is not passed by Tuesday.

"I do not believe for one moment that we will lose the full faith and credit of the United States," the Minnesota congresswoman said today at the National Press Club. Her remarks were reported by CNN.

President Obama, Treasury Secretary Timothy Geithner and other officials have said the U.S. risks not being able to pay its bills if Congress doesn't raise the nation's $14.3 trillion in borrowing authority by Aug. 2.

Financial markets have been rattled by the warnings of a historic default if Congress cannot resolve this messy stalemate. Moody's and Standard & Poor's have warned they might downgrade the nation's AAA credit rating.

Bachmann has said she will not vote to raise the debt ceiling under any circumstance, including later today when the House takes up House Speaker John Boehner's plan.

She told the National Press Club audience that there are some instances, such as in emergencies, when she believes the debt limit should be raised. Bachmann, however, does not believe the U.S. is in that situation now. She blamed President Obama and his policies for the current crisis.

http://content.usatoday.com/communities ... ss-club-/1