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Obama Warns Debt Ceiling Fight Could Be Catastrophic [View All]

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-06-13 02:20 AM
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Jan 5, 2013 6:00am
Obama Warns Debt Ceiling Fight Could Be Catastrophic

Mary Bruce
(Charles Dharapak/AP Photo)

HONOLULU In his first weekly address of the New Year, President Obama touts the fiscal cliff compromise as one more step in the broader effort to grow our economy and shrink our deficits but warns that another manufactured crisis over the debt ceiling could wreak havoc on the economy.

Continuing his effort to frame the looming fight over the nations debt limit, Obama makes clear one thing I will not compromise over is whether or not Congress should pay the tab for a bill theyve already racked up.

If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic, he continues. The last time Congress threatened this course of action, our entire economy suffered for it.


Obama vows to do more to reduce the deficit but continues to insist that any future spending cuts must be balanced with tax reforms.

The wealthiest individuals and the biggest corporations shouldnt be able to take advantage of loopholes and deductions that arent available to most Americans, he says.
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