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The Wall Street Journal - Treasury Will Act to Avoid Default

News Article

Date: May 3, 2011
Issues: Economy and Fiscal

By Naftali Bendavid

Treasury Department officials said Monday that they will begin to take extraordinary actions Friday to manage the government's finances so the U.S. won't default after hitting its borrowing limit on May 16.

The moves come amid divisions among congressional leaders over how to raise the $14.29 trillion debt limit and avoid a default that Treasury officials say could cause another financial crisis.

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Democrats attacked Republicans for threatening to block a debt-ceiling increase if they don't get the conditions they want. "The idea that in the name of fiscal responsibility people would say we're not going to raise the debt ceiling is a joke, to be honest with you," said Sen. Michael Bennet (D., Colo.).

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