Arrogance: offensive display of superiority or self-importance; overbearing pride.

Obama to Banks: We’re Not Defaulting

By Charlie Gasparino

Published July 25, 2011

While officials from the Obama Administration raised their rhetoric over the weekend about the possibility of a debt default if the debt ceiling isn’t raised, they privately have been telling top executives at major U.S. banks that such an event won’t happen, FOX Business has learned.
In a series of phone calls, administration officials have told bankers that the administration will not allow a default to happen even if the debt cap isn’t raised by the August 2 date …
MORE: http://www.foxbusiness.com/markets/2011/07/25/obama-to-banks-were-not-defaulting/