WASHINGTON — If the U.S. Congress had failed to lift the debt ceiling by its Aug. 2 deadline, senior Fed officials were prepared to take necessary actions to stabilize the market, if warranted.

According to minutes released Tuesday by the Federal Open Market Committee's of its Aug. 9th meeting, officials met over videoconferencing one day prior to the deadline to review possible actions the Fed could take if the U.S. Treasury was unable to meet its obligations or in the event of a downgrade of the U.S.' sovereign credit rating.

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