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Obama allows for possibility of U.S. default

WASHINGTON — President Barack Obama for the first time has allowed for the possibility that the U.S. may default on its financial obligations.

At a hastily arranged White House appearance on Friday, Obama said: "If we default, then we're going to have to make adjustments."

But minutes later, the president said he remained confident that the debt limit will be extended.

Said Obama: "We will not default. I am confident of that."

Up until now, the president had never wavered from expressing confidence that the bipartisan leadership in Congress would not fail to meet an Aug. 2 deadline to raise the debt ceiling and keep the country from entering a potentially calamitous, first-ever default.

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