Venable partner John Cooney was quoted in a July 19, 2011, Bloomberg Government article about the ongoing debt ceiling debate and offered advice on how federal government contracts should prepare for a potential default.
Cooney said, "The first thing the contractor can do is it can make certain it has backup lines of credit or other sources of liquidity...A second thing a contractor can do is pray that the banking system is still functional at a time when it needs to draw on those backup lines."
Cooney said, "The first thing the contractor can do is it can make certain it has backup lines of credit or other sources of liquidity...A second thing a contractor can do is pray that the banking system is still functional at a time when it needs to draw on those backup lines."