11 Apr '11, 7pm

White House warns of debt 'Armageddon'

WASHINGTON: The White House warned Republicans on Monday that failing to raise the $14.29 trillion US debt limit would spark "Armageddon-like" consequences for the slowly recovering US economy. As a new political showdown looms over the economy following a defused budget row last week, aides also said that President Barack Obama now realised his vote as a senator against raising the debt ceiling in 2006 was a mistake. "The consequences ... of failure to raise the debt ceiling would be Armageddon-like in terms of the economy," said White House spokesman Jay Carney. Congress must raise the US debt limit, or the maximum amount the Treasury is allowed to borrow, by May 16 or see the United States default on interest payments of its debt. But the move has become embroiled in fiercely partisan battles over the economy and spending. Carney warned that the result of failing to rai...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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This entry was posted Friday, April 15th, 2011 at 2:05 am and is filed under Audio , Matters of National Importance

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