Obama: US Can Not Afford More Showdowns on Debt

US President Obama says the US can't afford more showdowns over debt, deficits.

Published

5 months ago

Categories

US

Topics

US Politics, United States

People

Barack Obama

Places

United States of America

Transcript

Fresh from the long fight to prevent a "fiscal cliff" of tax hikes and spending cuts, President Barack Obama says that the United States can not afford more budget showdowns this year or in the future. (SOUNDBITE) (English) U.S. PRESIDENT BARACK OBAMA SAYING: "We still need to do more to put Americans back to work while also putting this country on a path to pay down its debt, and our economy can't afford more protracted showdowns or manufactured crises along the way," In his weekly address Obama said he would not negotiate on the debt ceiling, hoping to avoid the 2011 conflict that led to a credit rating downgrade and pushed the country close to default. (SOUNDBITE) (English) U.S. PRESIDENT BARACK OBAMA SAYING: "If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic." Obama also suggested that the hike in tax rates for wealthy Americans was not the last tax change he expected to make.