Arab Today, arab today obama default dramatically worse than shutdown
Last Updated : GMT 04:30:15
Arab Today, arab today
Arab Today, arab today

Obama: Default dramatically worse than shutdown

Arab Today, arab today

Arab Today, arab today Obama: Default dramatically worse than shutdown

Washington - KUNA

US President Barack Obama affirmed Tuesday that as \"reckless as a government shutdown is,\" the economic shutdown caused by America defaulting would be \"dramatically worse.\" The US government is getting closer to defaulting on its debt for the first time in history, where the deadline is set for October 17 while the government shutdown has entered its second week. Obama said in a news conference \"there are enough reasonable Republicans and Democrats in the House who are willing to vote yes on a budget that the Senate has already passed. That vote could take place today. The shutdown would be over. Then serious negotiations could proceed around every item in the budget. \"Now, as soon as Congress votes to reopen the government, it\'s also got to vote to meet our country\'s commitments, pay our bills, raise the debt ceiling, because as reckless as a government shutdown is, the economic shutdown caused by America defaulting would be dramatically worse,\" he stressed. He warned that if Congress \"refuses to raise what\'s called the debt ceiling, America would not be able to meet all of our financial obligations for the first time in 225 years. \"Warren Buffett likened default to a nuclear bomb, a weapon too horrible to use. It would disrupt markets, it would undermine the world\'s confidence in America as the bedrock of the global economy, and it might permanently increase our borrowing costs which, of course, ironically would mean that it would be more expensive for us to service what debt we do have and it would add to our deficits and our debt, not decrease them,\" he noted. Obama reiterated \"this is real. In a government shutdown, millions of Americans face inconvenience or outright hardship and there would be a significant risk of a very deep recession at a time when we\'re still climbing our way out of the worst recession in our lifetimes.\" He pointed out to the Asia trip he cancelled this week due to the shutdown, saying \"I had to miss critical meetings in Asia to promote American jobs and businesses.\" He said \"although as long as we get this fixed that\'s not long-term damage, whenever we do these things, it hurts our credibility around the world. It makes it look like we don\'t have our act together. And that\'s not something we should welcome. \"The greatest nation on earth shouldn\'t have to get permission from a few irresponsible members of Congress every couple months just to keep our government open or to prevent an economic catastrophe,\" he remarked. \"let\'s pass a budget. Let\'s end this government shutdown. Let\'s pay our bills. Let\'s avert an economic shutdown,\" he said. There is going to be \"a cloud over US economic credibility\" until this issue is resolved, said Obama

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 default dramatically worse than shutdown Arab Today, arab today obama default dramatically worse than shutdown

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
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