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.
TEXT SIZE - +
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

Video Pope Francis Hopes Dual Canonizations Will Reconcile Church

John the XXIII and John Paul II will be made saints in a ceremony at St. Peter’s Square on April 27 More

Thailand Reacts to Plots Targeting Israelis

Authorities hope arrest of two Lebanese suspects will disrupt plot to attack young Israeli tourists More

Video In Capturing Nature's Majesty, Film Makes Case for Its Survival

'Once Upon a Forest' takes viewers deep into heart of tropical rainforest 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.
Pope Francis Hopes Dual Canonizations Will Reconcile Churchi
|| 0:00:00
...
 
🔇
X
Jerome Socolovsky
April 22, 2014 4:14 PM
On April 27, two popes - John the XXIII and John Paul II - will be made saints in a ceremony at St. Peter’s Square. VOA religion correspondent Jerome Socolovsky says the dual canonization is part of the current pope’s program to reconcile liberals and conservatives in the Roman Catholic Church.
Video

Video Pope Francis Hopes Dual Canonizations Will Reconcile Church

On April 27, two popes - John the XXIII and John Paul II - will be made saints in a ceremony at St. Peter’s Square. VOA religion correspondent Jerome Socolovsky says the dual canonization is part of the current pope’s program to reconcile liberals and conservatives in the Roman Catholic Church.
Video

Video In Capturing Nature's Majesty, Film Makes Case for Its Survival

French filmmaker Luc Jacquet won worldwide acclaim for his 2005 Academy Award-winning documentary "March of the Penguins". Now Jacquet is back with a new film that takes movie-goers deep into the heart of a tropical rainforest - not only to celebrate its grandeur, but to make the case for its survival. VOA's Rosanne Skirble reports.
Video

Video Boston Marathon Bittersweet for Many Runners

Monday's running of the Boston Marathon was bittersweet for many of the 36,000 participants as they finished the run that was interrupted by a double bombing last year. Many gathered along the route paid respect to the four people killed as a result of two bombings near the finish line. VOA's Carolyn Presutti returned to Boston this year to follow two runners, forever changed because of the crimes.
Video

Video Pacific Rim Trade Deal Proves Elusive

With the U.S.-led war in Iraq ended and American military involvement in Afghanistan winding down, President Barack Obama has sought to pivot the country's foreign policy focus towards Asia. One aspect of that pivot is the negotiation of a free-trade agreement among 12 Pacific Rim nations. But as Obama leaves this week on a trip to four Asian countries he has found it very difficult to complete the trade pact. VOA's Ken Bredemeier has more from Washington.
Video

Video Robotic Mission Kicks Up Lunar Dust

A robotic mission to the moon was deliberately crashed onto the lunar surface late last week, but not before scientists had collected data gathered by the spacecraft which was designed to self-destruct. VOA's Rosanne Skirble reports on the preliminary findings of the craft, called LADEE - an acronym for Lunar Atmosphere and Dust Environment Explorer.
Video

Video Boko Haram Claims Responsibility for Bombing in Nigerian Capital

The Nigerian militant group known as Boko Haram has claimed responsibility for a bombing in the capital on April 14th that killed 75 people. In the video message, Abubakar Shekau, the man who says he ordered the bombing, says nothing about the mass abduction of more than 100 teenage girls, most of whom are still missing. Heather Murdock has more for VOA from Abuja.
Video

Video Ukraine Developments Hang Over Obama Trip to Asia

President Barack Obama's trip to Asia this week comes as concerns over Beijing's territorial ambitions are growing in the region. Those concerns have been compounded by Russia's recent actions in Ukraine and the possibility that Chinese strategists might be looking to Crimea as a model for its territorial disputes with its neighbors. VOA's Bill Ide has more from Beijing.
Video

Video Autistic Adults Face Housing, Job Challenges

Many parents of children with disabilities fear for the future of their adult child. It can be difficult to find services to help adults with disabilities - physical, mental or emotional - find work or live on their own. The mother of an autistic boy set up a foundation to advocate for the estimated 1.2 million American adults with autism, a developmental disorder that causes communication difficulties and often social difficulties. VOA's Faiza Elmasry reports.
AppleAndroid