And we believe, when Senator Cornyn or others say we will not default, period, we will not let that happen.

WHITEHOUSE: Press Briefing

In a written statement to MPs the minister for government policy, Oliver Letwin, said there will no longer have to be a "default" 12-week period.

BBC: Cabinet office minister Oliver Letwin

The average probability that a private construction company would default in the next year was 3.79 percent for the 12-month period ended Dec. 31, compared with 5.73 percent for the year-earlier period.

FORBES: Private-company credit risk shows signs of improving

Even if the debt crisis manages to avoid the worst-case scenario of a Greek default and subsequent collapses of other sovereigns and financial institutions, the Euro zone is staring down a lengthy period of minimal or nonexistent growth for several of its members and that could challenge the earnings potential for some American companies.

FORBES: Where Europe May Be Hiding In Your Portfolio

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