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FAILURE by Congress to raise the US debt limit "could plunge the world economy back into recession," President Barack Obama says, and he acknowledges he must compromise on spending with Republicans who control the House to avoid such a crisis.
"I think it's absolutely right that it's not going to happen without some spending cuts," the president told AP in an interview in his hometown today, agreeing with Republican House Speaker John Boehner's assessment.
Mr Obama urged swift action to raise the ceiling on the money the nation can borrow, saying he doesn't want the United States to get close to a deadline that would destabilise markets.
Read more: http://www.news.com.au/business/bre...ma/story-e6frfkur-1226040041815#ixzz0lEJjx979
"I think it's absolutely right that it's not going to happen without some spending cuts," the president told AP in an interview in his hometown today, agreeing with Republican House Speaker John Boehner's assessment.
Mr Obama urged swift action to raise the ceiling on the money the nation can borrow, saying he doesn't want the United States to get close to a deadline that would destabilise markets.
Read more: http://www.news.com.au/business/bre...ma/story-e6frfkur-1226040041815#ixzz0lEJjx979
