"A default on obligations to the banks or the Fund or the Asian Development Bank would complicate the situation enormously, " said Fischer.
But we remain absolutely confident that the United States will not for the first time default on its obligations or risk default on its obligations, that Congress will act appropriately.
So we remain very focused on the fact that we must make this vote and we must raise the debt ceiling because we cannot, as the United States of America, fail to fulfill our obligations, default on our obligations.
Without the bill, the government would default on its obligations by as early as mid-February.
Without the option to print money, in any other situation, we would most certainly default on our obligations.
There is a rumor floating around that no deal would cause the US to default on its obligations.
We believe that the United States will not default on its obligations for the first time in its history.
And to default on those obligations would be calamitous, would have calamitous consequences.
In effect, it will be forced to default on its obligations to society.
We accept what leaders of Congress have said about the impermissibility of allowing the United States to default on its obligations.
And if not, then we have to make sure we do the bare minimum, which is not default on our obligations.
Both Congress and the President readily admit that without an increase in the debt ceiling, the government will default on its obligations.
There is, therefore, no chance of the government ever having to default on its obligations to borrowers, unless it chooses to do so.
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But we have to raise the debt ceiling, because the United States is the United States and it does not default on its obligations.
KMV's clients get access to a software package that translates publicly available financial data into probabilities that a particular borrower will default on its obligations.
What I have said, what everyone has said, is that once we lose our borrowing authority we become at risk of default on our obligations.
But it is an important recognition of the fact that the United States will not, for the first time in its history, default on its obligations.
So the President remains confident that action will be taken, that the debt ceiling will be raised, that the United States will not default on its obligations.
We unnecessarily sent the message around the country and the globe that the United States might in fact default on its obligations for the first time in its history.
If the parties fail to compromise in time thereby allowing the US to default on its obligations, US debt could be downgraded and that would cause markets to tumble systematically.
It can seem arcane, understandably, when I and others stand up and talk about debt-to-GDP ratios and the need to not default on our obligations and to raise the debt ceiling.
There was no reason except that it just a matter of signing a piece of paper, and it needed to be signed very quickly to ensure that we didn't inadvertently default on our obligations.
All the congressional leaders have reiterated the desire to make sure that the United States does not default on our obligations, and that the full faith and credit of the United States is preserved.
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As the President said, there is a recognition in the room that while we have to make sure the United States does not default on its obligations, that deadline, as you said, is August 2nd.
So we are taking -- and then, obviously, most recently the uncertainty created by this debate in Washington over whether the United States would, for the first time in its history, default on its obligations.
We are also pragmatic and realistic and committed to the notion that we absolutely must take action before August 2nd in order to not create a situation where the United States could default on its obligations.
If the debt limit is reached and Congress does not act in time, however, all of these layers of defense will be breached and the nation will default on its obligations sometime between Feb. 15 and March 1.
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