George Bush actually said...

I believe deeply in this program and because I want to salute the package of amendments that we've proposed.

Remarks at a Ceremony Honoring Participants in the Job Training Partnership Program

07/24/1989

More George Bush Quotes

Failure to enact a debt limit increase by that date would compress the time period for distributing those securities.

The cost of the delay would grow with its length.

A default would almost certainly occur on August 15 if the debt limit is not increased.

This would raise the cost of Treasury borrowing, all other things being equal.