Getting your player ready...
WASHINGTON — Senior administration officials say Aug. 2 is a hard-and-fast deadline for when the government will run out of cash to pay its expenses. They say the Treasury has no contingency plan that would avoid defaulting on the nation’s debts if Congress does not increase the government’s borrowing limit.
The officials countered arguments Wednesday that the Treasury could avoid default by selling off government assets and disputed suggestions that the deadline was flexible.
