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"Defaulting on any obligation of the U.S. government wouldbe a dangerous gamble. In a very uncertain world, the one thingeveryone has been able to count on is that the U.S. governmentwill pay its bills on time," CBO director Doug Elmendorf toldthe House Budget Committee.
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That's because, after then, the government by law will no longer be able to add to the national debt, and will have to rely on incoming revenue and about $30 billion in cash to pay the nation's many obligations.
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Of the 69,000 tonnes of solar-grade polysilicon Chinaconsumed in January-June, 41,000 tonnes were imported, accordingto industry data. China's solar panel makers prefer importedpolysilicon, which has a higher purity that helps in energyconversion, company executives say.
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But technology shares waned and the Nasdaq Composite Index fared worse than the other two major indexes. Intel Corp was the S&P 500's worst performer, sliding 3.9 percentto $23.11 after analysts at Evercore Partners downgraded thecompany's stock. The drop took the stock down to its lowestlevel since late April.
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