Republicans Urge Obama Administration to Draft Plan B on Debt Ceiling, ‘Just in Case’

Republicans lawmakers are stepping up pressure on the Obama administration to craft a Plan B just in case budget talks fall through and the debt ceiling remains frozen past the Aug. 2 deadline Treasury Secretary Tim Geithner has set.

The Obama administration argues that Washington essentially has no other choice than to raise the $14.3 trillion cap. With that limit technically having been reached, Geithner is tapping into federal retirement funds and using other fiscal tricks to keep U.S. finances stable, but officials warn the red ink is so deep that within weeks Congress will have to either lift the cap or risk default.

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