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Oct 8, 2013 6:18 PM by NBC News

House GOP dismisses default warnings as more hype

WASHINGTON (AP) - Hard-line House Republicans are dismissing dire warnings that a government default would wreck U.S. and world economies.

They say it's another case of hyperbole from an Obama administration that already cried wolf on automatic budget cuts and a partial government shutdown.

At the same time, congressional Democrats have agreed to so many exemptions to the partial government shutdown that they've mitigated the pain and kept nearly all federal spending alive.

Several GOP conservatives challenged Treasury Secretary Jack Lew's insistence that on Oct. 17 the United States will no longer have the ability to borrow and the threat of default would be imminent.

Republican Rep. Dennis Ross of Florida says he doesn't think the U.S. will ever default.

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