News / USA

Obama: US Must Avoid Economic Consequences of Default

President Barack Obama speaks about the the budget and the partial government shutdown, Oct. 8, 2013, at White House.
President Barack Obama speaks about the the budget and the partial government shutdown, Oct. 8, 2013, at White House.
VOA News
Regarding this week's meetings with congressional members about the political stalemate on government funding and borrowing, U.S. President Barack Obama said there was one agreement: "the need to avoid the economic consequences of not meeting [the] country's commitments."

The president said in his weekly address Saturday damage to the country's "sterling credit rating" would make it more expensive for everyone in America to borrow money, creating what would amount to what he called a "Republican default tax on every family and business in America." He said a default would also have a detrimental effect on global markets.

However, White House officials said Friday there is still no agreement with Republicans on how to end the stalemate. Both sides have agreed to keep talking.

House Armed Services chairman Buck McKeon, who delivered the Republican address, said the two sides had found "common ground" this week with legislation supporting the military and their families during the shutdown, and now should continue to work out more agreements.

Watch related video story by VOA's Carla Babb

US Government Shutdown Enters 12th Dayi
October 12, 2013 1:13 PM
The partial U.S. government shutdown enters its 12th day Saturday. But on Friday, lawmakers and President Obama seemed to make progress, by sitting down and talking to each other. VOA's Carla Babb has more.

Meanwhile, three of the most famous U.S. national parks - the Statue of Liberty, the Grand Canyon and Mount Rushmore - have announced they will reopen in the coming days after state governors reached deals with the federal government, despite the ongoing government shutdown. The states have agreed to provide the money needed to operate the parks.

Back in Washington, both sides have refused to divulge specific details of what is being discussed as they look for a way to end the partial government shutdown that began October 1 and increase the country's $16.7 trillion borrowing limit. The United States has said it will have only limited funds left to pay its bills when it reaches the borrowing cap Thursday.

Finance chiefs of the world's leading economies urged the United States Friday to quickly resolve the stalemate. The G20 finance ministers meeting in Washington said the U.S., with the world's largest economy, "needs to take urgent action to address short-term fiscal uncertainties."

Republicans in the House of Representatives have offered to increase the debt ceiling through November 22, while looking to negotiate more spending cuts with the White House over the next six weeks.

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Comments page of 2
by: NVO from: USA
October 12, 2013 12:11 PM
In Response

by: Amy Newman
October 12, 2013 7:39 PM
Try to take the tin foil hat off very slowly. Theres no new world order....only the greedy trying to screw poor people out of millions while we fight.

October 12, 2013 11:53 AM
The Barack Obama regime is proving to be the most arrogant, narcissistic, petty, malevolent, insidious, baleful, sinister and criminal regime in U.S. history. The regime’s use of the so-called government shutdown (which isn’t really) has exposed its sophistry and mendacity for all to see.

Across the country, in an effort to make Americans feel the “pain” of the government’s furlough of 800,000 “non-essential” personnel because the government has ostensibly run out “money,” the regime is spending “money” employing rangers from the National Park Service to shut down, barricade and guard open air monuments, park roads and hiking trails. It’s even happening in parks that are privately run but are on Federal land.

A group of World War II veterans on an Honor Flight visit to the Washington cesspool to visit the World War II memorial showed their contempt of government “barriers” by pushing them aside and ignoring armed goons who were there to harass and intimidate them out of the area. Their actions are an apt metaphor for how Americans should treat all of the barriers the psychopathic elected class and their bureaucratic enablers have raised in an effort to drive the republic into a collectivist “utopia.”

Obamacare — or, if you want to call it by its doublespeak name, the Affordable Healthcare Act — is just such a barrier. It is also anything but affordable and is in reality a socialistic deathcare system of destruction and graft.

House Republicans, for a few hours at least, appear to have developed a spine and are making a stand to kill the Obamacare monster that is devouring the U.S. economy at a rate far exceeding what the Federal Reserve was capable of.

Whether they are in for the long haul is anybody’s guess. It will be a difficult slog against a headwind of mainstream media propaganda, an ignorant and sound bite-driven populace and a criminal President with the power of an all-consuming government at his disposal. Americans should follow the lead of those octogenarian veterans, push aside the park barriers and thumb their noses at the enforcers. And then they should send letters or make phone call of support to Representatives — and to their Senators as well.

It’s obvious that since Obama shut down the government and so few people outside the MSM seem to have noticed, his regime is doing all it can to bring a level of pain and suffering to anyone it can reach. The reality is that government could and should be shut down until at least $1 trillion is whacked away. Few people outside of the cesspool would notice if not for MSM caterwauling.

A revolution began in the 18th century over a series of taxes and abuses by the government far less than what Americans are currently suffering under. Are Americans finally waking up?
In Response

by: Ramnarayan from: Florida, USA
October 13, 2013 5:46 PM
We Americans are not waking up, but are tired with the stupidity of the politicians particularly, the GOP. Didn't Obama win the election and the Supreme court approved the health care act? It is not Obama alone who shut down the Govt, but the GOP and particularly the tea party zealots should be equally held responsible. There is plenty of blame to go alongi would not call our system as a regime. We still are a democracy with all the flaws. Our press and media who often pretends to know all answers have played a big role in the mess also. What we need is a way to recall the politicians and dock their salary when their performance does mot meet expectations.
In Response

by: Amy Newman
October 12, 2013 7:37 PM
Blaming Obama for what the Republicans are doing to this country – classic. So the Republican Regime decides to shut the government down against the wishes of the American public and holds the nation as a hostage for it's political ideology. Meanwhile they cause thousands of people to go without pay, shut down public parks or centers and even cause memorial services to our veterans to shut down. All in the name of getting rid of Obamacare.

Then again what is Obamacare? It's the Republican plan of ten years ago. Where the government helps people choose from private insurance companies and are able to select which one they want. All for just under the price of most American phone bills. This is NOT what liberals wanted yet some how Faux News and the TeaParty Taliabn has convinced there base that a major conspiracy is under foot. Too bad that conspiracy is the Koch Brothers controlling the southern states. Where is the government option that liberals having been pushing for? No where in site thanks to you tin foil warriors.

The fact that you call helping poor people get affordable insurance as 'doublespeak' is ironically doublespeak. Not based in reality and sold through lies and propaganda. We need to get rid of the Anarchist, anti-American, anti-poor people mentality that is poisoning our nation. It costs our nation money, it causes the over all health of our country to go down and lines the pockets of the people who don't give a crap about you. Lets hope America is finally waking up – and votes every single one of these tea party monsters out of office.
In Response

by: Sasquatch from: Australia
October 12, 2013 7:36 PM
A national election is held and key platform is affordable healthcare. The voters choose to elect the president advocating that platform in a free and fair election. Congress passes legislation implementing the healthcare plan. Undeterred, opponents put forward bills attempting to repeal the legislation but thaws efforts repeatedly fail. The Supreme Court upholds the legislation. Still undeterres, minority opponents wrap the federal budget with a poison pill to kill the legislation and the USA economy if their minority view isn't forced onto the majority. Who's the fascist in this?
In Response

by: Susan from: New York, NY
October 12, 2013 6:53 PM
You know what? Last year I would've disagreed with you. But I honestly cannot find ANYTHING wrong with what you said. From the Drones, to the cover ups, to the "affordable" healthcare act that is turning out to be their latest tax racquet to pull in even more money to feed foreign wars disguised as "aid"..etc. They complain about banks and Wall Street dictating policy, but knock themselves out to ensure a "deal" is thrown together before the opening bell Monday morning. Whatever happens now doesn't matter, since the cracks have already been shown. Our weaknesses have been put out to the world on a silver platter. Take notice world; this is what democracy looks like once it begins to eat itself.
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