Failure to raise the U.S.â??s $14.3 trillion debt ceiling by Aug. 2 â??could plunge the world economy back in recession,â? President Barack Obama said. Treasury Secretary Timothy Geithner called it â??unthinkably damaging,â? and Federal Reserve Chairman Ben Bernanke said congressional inaction could result in â??a huge financial calamity.â?
Everyone from Warren Buffett to Bill Gross to Robert Rubinis weighing in, calling it totally irresponsible.
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