Tim Geithner: “It would raise, dramatically, the borrowing cost, permanently, for all Americans.”

The world still views the United States and the American political system as up to the challenge of delivering reforms that make our economy stronger and our fiscal position more sustainable.

I definitely believe that Dodd-Frank has put us in a much stronger position than we were before the crisis.

If those were embraced by the Congress tomorrow, there would be substantially more confidence around the world in the capacity of this political system in Washington.

If you call into question the willingness of the Government of the United States to meet its obligations, you will shake the basic foundations of the entire global financial system.