Debt impasse: Obama threatens to veto Republican proposals

25th July 2011

The President argues that only by agreeing an extension of the borrowing limit until 2013 can the markets be satisfied and America be sure of avoiding a ratings downgrade. Administration officials took to the airwaves to make their case during the weekend, which saw both sides offering what they said were solutions.

Associated Press reported White House chief of staff William Daley saying that Obama would veto a bill that didn't extend the borrowing limit into 2013.

"The president believes that we must get this uncertainty in order, to help the American economy and help the American people," Daley said on US TV station NBC's "Meet the Press."

Treasury Secretary Timothy Geithner told CNN's "State of the Union" that a U.S. default was unthinkable, saying, "We never do that. It's not going to happen."

Here on MarketWatch, from the Wall Street Journal, Rex Nutting discusses his 10 craziest things about the crisis.

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