To remind you, it is very hard to find any point in the history of British government borrowing when it has been cheaper for the government to borrow, even though it is also hard to find periods when the public finances have been in worse shape.

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At such times in history capital markets tolerated high levels of borrowing, at least for the victorious side.

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The problem is that the economic model that achieved the strongest and most consistent growth rate in reliably recorded history - a spending spree by consumers financed by borrowing from the great producing countries like China, Japan and Germany - is kaput.

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After all, the Congressional powers regarding taxes, spending and borrowing are among the clearest and most well established matters in constitutional history.

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And what is important about this is that we have not simply averted what would have been an absolute disaster, assuming, again, Congress acts, which would have been passing a period beyond which we would no longer have had borrowing authority and risking -- creating the possibility of default on our obligations for the first time in our history.

WHITEHOUSE: Press Briefing