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CHAMP its either default or raise the debt ceiling, geithner had this to say yesterday.

Think the consequences of a government shutdown might be scary?

Treasury Secretary Timothy Geithner wasn?t mincing words on Tuesday when he warned what would happen if Congress didn?t soon raise the debt ceiling about its current level of $14.294 trillion.

He told a Senate Appropriations subcommittee that the ?consequences of that would be catastrophic for the United States. Default by the United States would precipitate a crisis worse than the one we just went through. I think it would make the crisis we just went through look modest in comparison. It would force us to cut payments to the military, cut critical payments to our seniors. It would be a reckless, irresponsible act.?

Gulp. And he was just getting warmed up.

He said failing if the country defaulted on its debt (which as of Friday was $14.199 trillion) it would ?call into question the willingness of the United States to meet its obligations? and this would ?shake the?foundations of the entire global financial system.?

http://blogs.wsj.com/washwire/2011/04/05/geithner-debt-default-could-topple-hundreds-of-thousands-of-businesses/