01/02/1993
https://www.presidency.ucsb.edu...
"The cost of the delay would grow with its length."
"This would raise the cost of Treasury borrowing, all other things being equal."
"A default would almost certainly occur on August 15 if the debt limit is not increased."
"Failure to enact a debt limit increase by August 13 would prevent the Treasury from auctioning securities on August 14 and settling on August 15."