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Moderator Savannah Guthrie and U.S. Treasury Secretary Jack Lew appear on "Meet the Press" in Washington, D.C. in this handout photo courtesy of NBC News on October 6, 2013.
Moderator Savannah Guthrie and U.S. Treasury Secretary Jack Lew appear on "Meet the Press" in Washington, D.C. in this handout photo courtesy of NBC News on October 6, 2013.
(William B. Plowman/Handout/Reuters/NBC News)

How the Treasury and the Fed will prevent a U.S. default

The pronouncements of credit-rating agencies haven’t commanded quite the same respect in the markets since their role as enablers in the U.S. mortgage-backed securities debacle that nearly brought the global financial system crashing down. But what Moody’s chief executive Raymond McDaniel has to say about the prospects of a U.S. default are worth noting.