US Senator Reid: US default to be avoided at all costs

WASHINGTON - US Senate Majority Leader Harry Reid on Friday said the United States cannot be allowed to default on its debt and added that he is ready to begin bipartisan negotiations.
"We must avert a default at all costs, so it is time to reengage in bipartisan talks on an agreement that at least accomplishes that goal," Reid said in a statement moments after House of Representatives Speaker John Boehner announced he was walking out of debt limit talks with President Barack Obama.
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