In other news: The Sky is NOT Falling.

"The Federal Reserve and the Treasury can work together to generate enough cash probably for the next two or three months to avoid any kind of automatic default on the Treasury debt," Silvia, who is based in Charlotte, North Carolina, said in an interview on Bloomberg Television's "In the Loop" with Betty Liu. "There's a way of getting around this issue for at least another month or two."

This, of course, presupposed that default is some kind of armageddon scenario.

http://www.bloomberg.com/news/2011-07-25/u-s-can-avoid-default-at-least-until-september-silvia-says.html