News / USA

Obama Offers Reassurance as Debt Ceiling Deadline Looms

President Barack Obama speaks about the the budget and the partial government shutdown, Oct. 8, 2013, in the Brady Press Room of the White House in Washington.
President Barack Obama speaks about the the budget and the partial government shutdown, Oct. 8, 2013, in the Brady Press Room of the White House in Washington.
VOA News
President Barack Obama tried to reassure the world Tuesday that the United States has always paid its bills, as the country faces a deadline to raise the debt ceiling.

Obama told journalists that investors are nervous about remarks from Congress indicating a debt default may not damage the world economic recovery.

"Warren Buffett likened default to a nuclear bomb, a weapon too horrible to use," the president warned. " 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.  There's nothing fiscally responsible about that."

But the president repeated his stance that he will not negotiate with congressional Republicans on fiscal and budget issues until they pass legislation to both raise the debt limit and fund the federal government, which is now in the second week of a shutdown.  

Fair game

House Speaker John Boehner of Ohio speaks about the ongoing budget battle, Oct. 8, 2013, outside his office on Capitol Hill in Washington.House Speaker John Boehner of Ohio speaks about the ongoing budget battle, Oct. 8, 2013, outside his office on Capitol Hill in Washington.
x
House Speaker John Boehner of Ohio speaks about the ongoing budget battle, Oct. 8, 2013, outside his office on Capitol Hill in Washington.
House Speaker John Boehner of Ohio speaks about the ongoing budget battle, Oct. 8, 2013, outside his office on Capitol Hill in Washington.
Republican House Speaker John Boehner later expressed disappointment over  President Obama's position. 

"This isn’t about me and, frankly, it’s not about Republicans.  This is about saving the future for our kids and our grandkids, and the only way this is going to happen is to, in fact, have a conversation.  So, it’s time to have that conversation. Not next week, not next month, the conversation ought to start today. And I’m hopeful that whether it’s the president or Democrat leaders here in Congress, we can begin that conversation."

Boehner said the debt limit has always been fair game for bargaining, and that the United States cannot keep spending money it does not have.

The U.S. Treasury expects to exhaust its remaining borrowing capacity under the current $16.7 trillion limit by October 17.

The U.S. government shut down all but essential services last week when Congress could not pass a funding bill.  Hundreds of thousands of government workers are still furloughed and many important services remain unavailable.  

The shutdown began when congressional Democrats refused to go along with Republican demands to defund the president's health care program.

You May Like

IS Militants Release 49 Turkish Hostages

Turkey's state-run Anadolu news agency reports that no ransom was paid and no conditions accepted for the hostages' release; few details of the release are known More

Photogallery IS Attacks Send Thousands of Syrian Kurds Fleeing to Turkey

Syrian Observatory for Human Rights says more than 300 Kurdish fighters crossed into Syria from Turkey to defend a Kurdish area from attack by the Islamic militants More

3-day Lockdown to Fight Ebola Continues In Sierra Leone

Thousands of health workers are going door to door in the West African country of 6 million, informing people of how to avoid Ebola, handing out soap More

This forum has been closed.
Comment Sorting
Comments
     
by: peter from: grand camen island
October 13, 2013 12:18 PM
The u.s. Is crashing...hey where can I get a higher paying job? I know a high paying government job tax payer funded job...


by: uwa odim from: nigeria
October 12, 2013 6:51 AM
wath is wrong with U Americains ? Wath do U want other countries to learn from U?


by: Lorie from: Florida
October 10, 2013 7:57 AM
Allot of us depend on our social security to live on. what is the government going to do to help us.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Migrants Caught in No-Man's Land Called Calaisi
X
Lisa Bryant
September 19, 2014 5:04 PM
The deaths of hundreds of migrants in the Mediterranean this week has only recast the spotlight on the perils of reaching Europe. And for those forunate enough to reach a place like Calais, France, only find that their problems aren't over. Lisa Bryant has the story.
Video

Video Migrants Caught in No-Man's Land Called Calais

The deaths of hundreds of migrants in the Mediterranean this week has only recast the spotlight on the perils of reaching Europe. And for those forunate enough to reach a place like Calais, France, only find that their problems aren't over. Lisa Bryant has the story.
Video

Video Westgate Siege Anniversary Brings Back Painful Memories

One year after it happened, the survivors of the terror attack on Nairobi's Westgate Shopping Mall still cannot shake the images of that tragic incident. For VOA, Mohammed Yusuf tells the story of victims still waiting for the answer to the question 'how could this happen?'
Video

Video Militant Assault in Syria Displaces Thousands of Kurds

A major assault by Islamic State militants on Kurds in Syria has sent a wave of new refugees to the Turkish border, where they were stopped by Turkish border security. Turkey is already hosting about 700,000 Syrian refugees who fled the civil war between the government and the opposition. But the government in Ankara has a history of strained relations with Turkey's Kurdish minority. Zlatica Hoke reports Turkey is asking for international help.
Video

Video CERN Accelerator Back in Business

The long upgrade of the Large Hadron Collider is over. The scientific instrument responsible for the discovery of the Higgs boson -- the so-called "God particle" -- is being brought up to speed in time for this month's 60th anniversary of the European Organization for Nuclear Research, known by its French acronym CERN. Physicists hope the accelerator will help them uncover more secrets about the origins of the universe. VOA’s George Putic reports.
Video

Video Whaling Summit Votes to Uphold Ban on Japan Whale Hunt

The International Whaling Commission, meeting in Slovenia, has voted to uphold a court ruling banning Japan from hunting whales in the Antarctic Ocean. Conservationists hailed the ruling as a victory, but Tokyo says it will submit revised plans for a whale hunt in 2015. Henry Ridgwell reports from London.
Video

Video Russian Economy Reeling After New Western Sanctions

A new wave of Western sanctions is hitting Russia’s economy hard. State-owned energy firms continue to bleed profits and Russia’s national currency plunged to a new low this week after the U.S. and the European Union announced new sanctions to punish Russia's aggressive stance in eastern Ukraine. But as Mil Arcega reports, the sanctions could also prove costly for European and American companies.
Video

Video Belgian Researchers Discover Way to Block Cancer Metastasis

Cancer remains one of the deadliest diseases, despite many new methods to combat it. Modern medicine has treatments to prevent the growth of primary tumor cells. But most cancer deaths are caused by metastasis, the stage when primary tumor cells change and move to other parts of the body. A team of Belgian scientists says it has found a way to prevent that process. Zlatica Hoke has more.
Video

Video Mogadishu's Flood of Foreign Workers Leaves Somalis Out of Work

Unemployment and conflict has forced many young Somalians out of the country in search of a better life. But a newfound stability in the once-lawless nation has created hope — and jobs — which, some say, are too often being filled by foreigners. Abdulaziz Billow reports from Mogadishu.
Video

Video A Dinosaur Fit for Land and Water

Residents and tourists in Washington D.C. can now examine a life-size replica of an unusual dinosaur that lived almost a hundred million years ago in northern Africa. Scientists say studying the behemoth named Spinosaurus helps them better understand how some prehistoric animals adapted to life on land and in water. The Spinosaurus replica is on display at the National Geographic museum. VOA’s George Putic has more.
Video

Video Iraqi Kurdistan Church Helps Christian Children Cope find shelter in churches in the Kurdish capital, Irbil

In the past six weeks, tens of thousands of Iraqi Christians have been forced to flee their homes by Islamic State militants and find shelter in churches in the Kurdish capital, Irbil. Despite U.S. airstrikes in the region, the prospect of people returning home is still very low and concerns are starting to grow over the impact this is having on the displaced youth. Sebastian Meyer reports from Irbil on how one church is coping.
Video

Video NASA Picks Boeing, SpaceX to Carry Astronauts Into Space

The U.S. space agency, NASA, has chosen Boeing and SpaceX companies to build the next generation of spacecraft that will carry U.S. astronauts to the International Space Station by the year 2017. The deal with private industry enables NASA to end its dependence on Russia to send space crews into low Earth orbit and back. Zlatica Hoke has more.
Video

Video Future of Ukrainian Former President's Estate Uncertain

More than six months after Ukraine's former President Viktor Yanukovych fled revolution to Russia, authorities have yet to gain control of his palatial estate. Protesters occupy the grounds and opened it to tourists but they are also refusing to turn it over to the state. VOA's Daniel Schearf reports from Mezhigirya, just north of Kyiv.


Carnage and mayhem are part of daily life in northern Nigeria, the result of a terror campaign by the Islamist group Boko Haram. Fears are growing that Nigeria’s government may not know how to counter it, and may be making things worse. More

AppleAndroid