Emergency

By Kristina Cooke and Tim Ahmann

PHILADELPHIA | Wed Jul 20, 2011 5:07pm EDT

PHILADELPHIA (Reuters) - The Federal Reserve is actively preparing for the possibility that the United States could default as a deadline for raising the government's $14.3 trillion borrowing limit looms, a top Fed policymaker said on Wednesday.
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Comment: It's good to be prepared for even if default shouldn't happen this time it surely will happen later.