The growing federal debt has left many Congressmen worried over the future of the country; if it hits the debt ceiling, it would cripple not just the U.S. economy but those of all that depend on U.S. dollars.
In his first weekly address of the year, President Obama claimed the “fiscal cliff” compromise as “one more step in the broader effort to grow our economy and shrink our deficits”, but believes that another “manufactured crisis” over the debt ceiling could be detrimental to the economy.
Continuing his effort to frame the looming fight over the nation’s debt limit, Obama makes clear “one thing I will not compromise over is whether or not Congress should pay the tab for a bill they’ve already racked up.”
“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,” he said. “The last time Congress threatened this course of action, our entire economy suffered for it.”
Obama promised to do his best to lower tax rates but that is only something the future can claim.
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