As Congress and the White House squabbled in the summer of last year over a deal to raise the debt ceiling and avert sovereign default, policy makers and investors struggled to predict how debt markets would react.
Wall Street banks held conference calls to soothe anxious clients. Bankers and their representatives contacted news media to ratchet up pressure on lawmakers to finalise a deal.
As a critical deadline approached in late July of 2011, Tim Geithner, US Treasury secretary, phoned key members of Congress, lobbying for action.
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