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Default Could Blunt GOP Deficit Goals

Scott J. Ferrell/CQ Roll Call
Treasury Secretary Timothy Geithner warned Senators last week that a default on the debt could actually add to the deficit.

Democrats also believe Republicans would shoulder more blame after Aug. 2, and have been sending that signal in an effort to win their cooperation on a debt deal.

“We have been telegraphing to [the] GOP that they lose leverage after default because the president has the bully pulpit,” said a Senate Democratic leadership aide.

While Sen. Charles Schumer (D-N.Y.) Thursday gave McConnell credit for at least taking action to prevent a default, he also said that it was out of political considerations.

“Sen. McConnell put on the floor a proposal that at least would avoid default with all its awful consequences,” Schumer said. “He did it for political reasons ... because he knew that if we defaulted it would fall on the backs of the Republican Party.”

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