Bernanke: US default would cause 'major crisis'

The Federal Reserve Chairman has issued a stern warning to Congress repeatedly this year: if it fails to raise the U.S. debt ceiling by Aug. 2, the economic fallout could be "catastrophic," "self defeating" and "dire." - Bernanke: US default would cause 'major crisis' -- Stocks Rise Amid Hopes for Further Stimulus CNBC.com Reuters - Wall Street Journal - Los Angeles Times - Bloomberg