It’s Good To Have A Plan – and a Backup Plan

I don’t know how I missed this quote from Treasury Secretary Tim Geithner a few months ago (h/t Felix Salmon)

“Our plan is for Congress to pass the debt limit,” Geithner said late in May. “Our fall-back plan is for Congress to pass the debt limit, and our fall-back plan to the fall-back plan is for Congress to pass the debt limit.”

So, at least they’ve got some fall-back plans…

-KD

ps – other related quotes in the article:

“There has to be contingency planning,” said one former Obama administration official. “But they won’t even tell me that.”"

and

“You have to have a backup plan. If you are relying on Congress to avoid the possibility of an Armageddon, you can’t just bet on that,” said Keith Hennessey, who headed the White House National Economic Council during President George W. Bush’s administration.

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