“Ben Bernanke earlier on Wednesday had given his most explicit warning yet on what would happen if the debt ceiling is not raised.
In testimony before the House financial services committee, the US Federal Reserve chairman said a recession on the scale of 2008 would be “certainly conceivable” and that it would have “a very adverse effect very quickly on the recovery”.”

— Obama walks out of US budget talks - FT.com

1:41 pm  •  14 July 2011