Congress "on the hook" on debt limit: Treasury

Reuters News
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Posted: Apr 20, 2011 2:39 PM
Congress "on the hook" on debt limit: Treasury

WASHINGTON (Reuters) - Deputy Treasury Secretary Neal Wolin said on Wednesday that Congress will not allow a default on the national debt to occur because it would reflect badly on lawmakers.

"We're not going to default," Wolin said in a CNBC television interview. "Congress understands well that they are on the hook for increasing the debt limit, they understand the importance of it and the need to do it."