WH: Debt Ceiling Must Be Raised

Huffington Post reports:

WASHINGTON -- The White House said on Wednesday that there is no “Plan B” if Congress does not vote to increase the debt limit by August.

The debt limit, which is currently set at $14.29 trillion, was reached on Monday, but Treasury Secretary Timothy Geithner told Congress the government can continue to pay its debts until about Aug. 2 by using "extraordinary measures."

If Congress does not raise the debt ceiling by then, there is no plan in place for dealing with the resulting defaults, a senior administration official said in a briefing with reporters.

“There is no alternative to raising the debt limit. It has to be raised,” the official, who spoke to the reporters on background, said. “There’s really no way around it.”