Monday, May 16, 2011

US risks another recession: Obama



US President Barack Obama

Source: Press TV
http://www.presstv.ir/detail/180099.html

President Barack Obama has warned that the United States may revert to another recession if Congress fails to raise the current debt ceiling.

"We could have a worse recession than we already had, a worse financial crisis than we already had," unless the debt ceiling is raised before it hits its limit of $14.29 trillion in mid-May, Reuters quoted Obama as saying in a pre-recorded interview broadcast by CBS News on Sunday.

Just as the White House and Congressional Republicans are at loggerheads over the debt and deficit, the US president made it clear that he does not expect either side to get everything it wants in the ongoing negotiations and that he must compromise with the Republicans.

Obama, however, noted that Republicans should not associate the debt ceiling decision with the spending cuts as part of deficit-reduction measures.

The debt ceiling set by Congress is a statutory limit imposed on the amount of money the US Treasury Department can borrow and if nothing is done by about August 2, there is a possibility that the government might default on its debt payment.

Even though Republicans have so far refused to increase the ceiling without future spending cuts, Obama said he is confident that Congress ultimately would raise the limit.

On Sunday, US Treasury Secretary Timothy Geithner added his voice to Obama's calls for Congress to raise the $14.29 trillion debt ceiling, saying failure to do so would drive up interest rates, push down household wealth and cause a double-dip recession.

No comments:

Post a Comment

I'll be right with you.

Russia Today (Live)

World News 2017

Current Affairs - Important Interviews – 2017

Debate – Global Issues 2017

Important Information 2016 - 2017

South Front Military Review 2017

Syria - News 2017

Yemen News 2017

Turkey News 2017

Ukraine News 2016 - 2017

Palestine & Israeli Crime 2017

Iraq News 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Abby Martin – Empire Files

US News 2017

Iran News 2016 - 2017

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Sheik Imran Hosein - Islamic Eschatology

George Galloway – Comment & Opinion

The Words and Actions of Ken O'Keefe

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at livestream.com

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)