Arab Today, arab today obama warns debt talks limbo a \dangerous game\
Last Updated : GMT 08:09:48
Arab Today, arab today
Arab Today, arab today

Obama warns debt talks limbo a \'dangerous game\'

Arab Today, arab today

Arab Today, arab today Obama warns debt talks limbo a \'dangerous game\'

Washington - AFP

President Barack Obama warned of a \"deep economic crisis\" if the United States fails to raise its debt limit and urged Americans to pressure Republican lawmakers to compromise to avert a default. In a televised addresss late Monday only eight days before Washington begins to run out of money to pay its bills, Obama called the weeks-long debt talks stalemate \"a dangerous game\" that the country \"cannot afford to play.\" As the president spoke from the East Room of the White House, the dollar plunged to a four month low in Tokyo amid growing jitters as the impasse between Republicans and Democrats over the US debt crisis deepened. Obama cast the blame for the stalemate on the Republicans\' refusal to raise the $14.3 trillion debt ceiling unless there is agreement to make deep spending cuts without increasing taxes on the wealthy. If Congress fails to raise the ceiling by August 2, the resulting economic disaster could include higher interest rates for the US government as well as for consumers. Failure to compromise, Obama said in his speech from the White House, \"would risk sparking a deep economic crisis -- one caused almost entirely by Washington.\" He rejected a Republican proposal for a temporary increase in the debt limit, arguing it would leave the underlying problem unresolved and lead to a repeat of the current crisis in just six months\' time. \"That is no way to run the greatest country on Earth. It is a dangerous game we\'ve never played before, and we can\'t afford to play it now,\" he said. With a potential US default as of a week from Tuesday, Obama appealed to Americans to \"make your voice heard\" to members of Congress. Many Americans appeared to have heeded the president\'s call. US media reported that various congressional websites -- including those for prominent Republicans like House Speaker John Boehner, House Majority Whip Kevin McCarthy, and congresswoman and presidential contender Michele Bachmann -- were inaccessible, after an apparent server crash following the speech. Obama\'s primetime speech late Monday was only his seventh formal address to the nation, and the first since he unveiled a timeline for a US troop withdrawal from Afghanistan in June. Boehner, the Republican leader of the US House of Representatives, responded with a late-night speech of his own, blaming Obama for the crisis and warning that while the US cannot default on its debt obligations, Americans nevertheless would demand deep spending cuts. Boehner -- who has flatly rejected Obama\'s call to increase taxes on the rich and wealthy corporations -- is proposing a two-step plan with debt increases first to February or March 2012, and later to 2013. \"Time is running short and it would be irresponsible for the president to veto this common-sense plan and run the risk of default,\" said Boehner. \"I would encourage the Senate to pass this plan and the president to sign it,\" he said, portraying Obama as the inflexible party in the protracted debt negotiations. \"The sad truth is that the president wanted a blank check six months ago, and he wants a blank check today.\" The prospect of the world\'s richest country running out of cash to pay its bills come next Tuesday sent stocks sliding and gold soaring, while the IMF warned of a \"severe shock\" to the world economy absent an elusive breakthrough. All sides in the dispute agree Washington must reduce its deficit but disagree on the size and blend of spending cuts and revenue increases as well as on how and whether to slice into the social safety net. Washington hit its debt ceiling on May 16 but has used spending and accounting adjustments, as well as higher-than-expected tax receipts, to continue operating normally but can only do so through August 2. At that point, US leaders will face an agonizing choice about cutting an estimated 40 cents of every dollar in spending and defaulting either on debt payments or on other obligations like government health or retirement benefits. Meanwhile, there were signs the stand-off was exacting a political toll on both the president and Republicans. A poll for the Washington Post and ABC television showed weakening support for Obama\'s economic agenda, and found the percentage of people who said he has made the economy worse has jumped six points since October to 37 percent. Republicans also took a hit in Americans\' esteem. About as many people blamed Republican policies for the economy\'s woes as they do Obama. But the poll also found that 65 percent disapproved of the GOP\'s handling of jobs -- still the top economic issue -- compared to 52 percent for the president. The International Monetary Fund pressed US politicians to raise the debt ceiling \"expeditiously to avoid a severe shock to the US economy and world financial markets\" with the deadline now looming large.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today obama warns debt talks limbo a \dangerous game\ Arab Today, arab today obama warns debt talks limbo a \dangerous game\

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday