Congress Will Raise the Debt Limit

Congressional Republicans have assured President Obama that they
would not hold the economy hostage over raising the debt ceiling,
Treasury Secretary,Timothy Geithner said.

But Republicans appearing on television news shos insisted that
they would not support an increase of the $14.3 trillion borrowing
limit without an accompanying deal to rein in future deficits.

Default fears regarding the failure to raise the debt by July 8th
would likely cause the US to begin defaulting on obligations such
as Social Security payments and ultimately, interest pauyments on
Treasury debt. This