BREAKING NEWS

Top Democratic lawmaker: US won't default on debt

By REUTERS

JUNE 3, 2011 02:52

WASHINGTON - Top Democratic lawmakers on Thursday sought to reassure financial markets the United States would not default on its debt, and said the White House and Congress would reach a deal to lift the US borrowing limit.

But the Democrats also stressed after meeting President Barack Obama that any deal to lower the US deficit linked to raising the debt ceiling must boost revenue as well as cutting spending, something that Republicans have ruled out.

"Markets ought to know, we're going to get this done," said Congressman Steny Hoyer, the No. 2 Democrat in the House of Representatives. "We're going to get the debt limit resolved," he told reporters after House Democrats met with Obama at the White House.

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