Congressman Peter Welch is urging Democratic and Republican leaders in Congress to issue statements reassuring people that the United States won’t default on its debts.
Welch is chief deputy whip in the Democratic House Caucus, and wants congressional leaders to send a clear and unequivocal message to the American people that their failure to reach an agreement will not result in the failure of America to pay its bills.
Treasury Secretary Timothy Geithner has warned that the U.S. could begin defaulting on its obligations if Congress doesn’t agree on raising the debt ceiling by August 2. That could cause interest rates to skyrocket, send stock markets plunging and shatter faith in the world’s No. 1 economy.