U.S. Can Avoid Default If Debt Limit Not Raised, Johnson Says

The U.S. won’t have to default on its obligations to bondholders even if Congress fails to raise the $14.3 trillion debt ceiling by an August deadline, Republican Senator Ron Johnson said.

“If we don’t increase the debt ceiling, we’ll have to live within our means,” the freshman from Wisconsin said in an interview on Bloomberg Television’s “Political Capital with Al Hunt” airing this weekend.