26 Jul '11, 1am

Obama to warn of \\"incalculable damage\\" if no debt deal

WASHINGTON: US President Barack Obama stepped up the pressure on Republicans over the US debt crisis Monday, scheduling a rare primetime speech to warn of "incalculable damage" if a compromise is not reached. Obama's warning, previewed by a White House official, came as Republican and Democratic leaders of Congress remained deadlocked over a plan to raise the US debt ceiling and deal with the country's ballooning deficits. The prospect of the world's richest country running out of cash to pay its bills come August 2 sent stocks sliding and gold soaring while the IMF warned of a "severe shock" to the world economy absent an elusive breakthrough. "President Obama, like Democratic and Republican presidents before him, will make clear that failure to compromise and raise the debt ceiling would, in the words of former president Reagan, do 'incalculable damage'," the official sa...

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

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