The Treasury’s cash balances have reached a dangerously low point. Henceforth, the Treasury Department cannot guarantee that the federal government will have sufficient cash on any one day to meet all of its mandated expenses,”
“The full consequences of a default — or even the serious prospect of default — by the United States are impossible to predict and awesome to contemplate.
“Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and on the value of the dollar in exchange markets,”
“The nation can ill afford to allow such a result.”
