While we remained justifiably confident that in the end Congress would do the right thing, that the leaders would all be true to their word and take action to ensure that we would avoid default, that prospect was there, clearly.
The contract said "negative publicity" due to "alleged possession, use or sale of banned substances" by riders or team personnel would constitute an "event of default, " as would a failure to take "action" if a rider violates a morals or drug clause.
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More worrisome is the potential for that action to trigger a real problems in the credit default swap market, causing true chaos.
John Taylor, president of the National Community Reinvestment Coalition, wants Congress to take additional action to help subprime borrowers who are currently in default.
We need to take action so that the United States of America does not default for the first time in its history.
The judge's action, on appeal, could be construed as putting Greyhound in technical default on a credit line.
Perhaps the europhiles have finally been stung into action by the argument that the Government is losing the battle over the euro by default.
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.
This case was a class action on behalf of borrowers who discharged their debts in bankruptcy but were still shown to be in default on their credit reports.
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But obviously work is continuing on that to ensure that it is there and in place in a way that is acceptable to majorities of the House and the Senate, and acceptable to the White House, so the we can be sure that action is taken in a timely fashion so that we do not, for the first time, default on our 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.
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