Today's Coming Crisis Movie

Monday, January 14, 2013

Obama says refusal to lift debt ceiling would hurt economy

President Barack Obama warned Congress on Monday that a refusal to raise the U.S. debt ceiling next month would trigger economic chaos.

Obama, at a news conference, said the U.S. economy was poised for a good year as long as Washington politics did not interfere.

He said a Republican refusal to lift the debt ceiling could lead the United States into a debt default, which would prevent the U.S. government from being able to provide Social Security benefits to some seniors and possibly tip the economy into recession.

"It would be a self-inflicted wound on the economy," Obama said.

http://www.reuters.com/article/2013/01/14/us-usa-obama-debt-idUSBRE90D0UK20130114