S&P does not think U.S. will default on its debt

Standard and Poor's does not think the United States will default on its debt, the rating agency's president Deven Sharma said on Wednesday.

"Our analysts don't believe they would," Sharma told a House of Representatives Financial Services committee hearing held to examine oversight of the credit rating agencies.

Sharma's comments come as the Obama administration and lawmakers race to craft a plan to raise the country's debt cap before August 2 when the U.S. Treasury will no longer be able borrow more funds to pay government bills.