New reports suggest August 2nd may not be a hard deadline

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Although failing to raise the debt ceiling by the early August deadline would plunge the United States into a sea of uncertainty, the government might be able to pay the bills and avoid a default on obligations for longer than expected, economic analysts said.

As lawmakers and President Obama rush to craft an agreement to increase the $14.3 trillion debt ceiling, the Treasury Department is standing by its estimate that the government will need to borrow more money after Aug. 2 to pay for all its obligations.

Full Story: U.S. could avoid a default a few days longer, new reports say