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Posted by on Jan 14, 2013 in Economy, Featured, Politics | 9 comments

Obama Warns of Crisis Unless Debt Ceiling is Raised

Obama warns of crisis unless debt ceiling is raised (via AFP)

President Barack Obama warned of a new economic crisis Monday and said global stock markets would go “haywire” unless Republicans in Congress agree to raise the US sovereign debt ceiling. “To even entertain the idea of this happening, of the United States of America not paying its bills, it is irresponsible…

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  • The_Ohioan

    Obama said it could make the markets haywire and this reports he said it would do that. It also says SS checks could be delayed which is not true. Time to stop using AFP reporting.

  • sheknows

    The Republicans need to get their priorities straight. FIRST, lets get the debt ceiling raised so we can continue. Then discuss ways to get the deficit down. You don’t threaten the economy or hold it hostage to get your demands met.
    This is absurd, anarchistic behavior, and I though the US govt. had a policy never to make deals with terrorists!

  • “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. government can’t pay its own bills. … I therefore intend to oppose the effort to increase America’s debt limit.”

    — Then-Sen. Barack Obama, floor speech in the Senate, March 16, 2006

  • dduck

    ProfE, it’s called evolving when your side does it.

  • Zzzzz

    2006 was before the economy crashed, before revenue fell off a cliff, and before massive cuts in spending could put us back into recession. How about making a real argument?

  • dduck

    Z, please read the statement, he is respectfully opposing the effort.

  • slamfu

    Well actually I feel it is a real argument. I’ve stated before that I believe you just simply don’t mess with the debt ceiling. The fact it needs to be raised is a predetermined fact of previous budget discussions, now, 2006, 1941, whenever, and should not be a political soccer ball. This is a clear case of “they do it too” which I generally feel the right does the heavy lifting on, but our President is on the record of playing this game too when the shoe was on the other foot. That being said, it didn’t happen then, its starting to look like they are going to do it now, and considering the fragile state of our recovery and the fact the EU’s economy seems balanced on a knife edge, its even more crazy now than it was in 2006.

  • The_Ohioan

    The principle is the same now as in 2006, you pay for what you spend otherwise your credit suffers. Now, it’s not only your credit but all your neighbors’ credit that will suffer. The objectors then, including Obama, knew the debt ceiling would be raised and wanted to object to the increasing debt choosing this way to do it. The objectors now have no assurance the debt ceiling will be raised and are still willing to vote against it.

    These votes don’t occur in a vaccuum, the voters know how their vote will effect the outcome just as they did in 2006. They know it will cause massive disruption in the world economy and could care less while in 2006 they knew it wouldn’t.

  • DORIAN DE WIND, Military Affairs Columnist

    If one goes to Rep. Dennis Ross’ (R., Fl.) web site, one will see the proud entry:

    Washington, Jan 15 – This afternoon, I had the opportunity to read part of the Constitution on the floor of the U.S. House of Representatives.

    However, one will not see which part of the Constitution the Representative read.


    Perhaps because the section Rep. Ross read, reads as follows:

    The Fourteenth Amendment (Amendment XIV) to the United States Constitution
    Section 4.

    The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

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