Obama Chief of Staff: US Will Not Default

 　　White House Chief of Staff William Daley says he is confident the United States will not default on its debt.

　　Daley told CNBC television Tuesday that there are a lot of debt reduction plans on the table and everyone is stressed as the August 2 deadline for default gets closer. But he said that, in the end, Congress will do what is right.

　　Congress and the White House are in what President Barack Obama calls a dangerous stalemate over two competing plans to deeply cut spending while raising the debt limit by next week. The White House says Mr. Obama is doing whatever he can to reach a compromise, calling it the only option to avoid default and the cataclysmic effects it would have on the world economy.

　　Daley said it is "obvious" a plan by Republican Speaker of the House John Boehner would not pass the Democratic-controlled Senate. Boehner's plan would immediately raise the debt limit by $1 trillion while cutting spending by the same amount.

　　Mr. Obama prefers a plan by fellow Democrat¹ and Senate Majority Leader Harry² Reid - $2.7 trillion in cuts and raising the debt ceiling through next year's election to avoid another divisive debate.

　　If there is no plan to let the federal government keep borrowing funds by August 2, the country risks defaulting on its debt. The Treasury³ says it could not pay all of its obligations, and interest rates would rise for anyone seeking loans from U.S. banks. The government also may not be able to pay Social Security checks to retirees or fulfill⁴ corporate⁵ contracts.

　　In a televised speech Monday, Mr. Obama told Americans to call their representatives and senators to urge them to back a plan that cuts spending while boosting taxes on corporations and millionaires. Officials on Capitol Hill say lawmakers' telephone lines and e-mail were jammed all day Tuesday.

1 democrat   

n.民主主义者，民主人士；民主党党员

参考例句：

• The Democrat and the Public criticized each other.民主党人和共和党人互相攻击。
• About two years later,he was defeated by Democrat Jimmy Carter.大约两年后，他被民主党人杰米卡特击败。

2 harry   

vt.掠夺，蹂躏，使苦恼

参考例句：

• Today,people feel more hurried and harried.今天，人们感到更加忙碌和苦恼。
• Obama harried business by Healthcare Reform plan.奥巴马用医改掠夺了商界。

3 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

4 fulfill   

vt.履行，实现，完成；满足，使满意

参考例句：

• If you make a promise you should fulfill it.如果你许诺了，你就要履行你的诺言。
• This company should be able to fulfill our requirements.这家公司应该能够满足我们的要求。

5 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。