President Barack Obama says the nation's debt limit won't be raised without a compromise on spending cuts. But he said some questions about where the government trims its operations will have to be left for after the 2012 presidential election.
In an interview with The Associated Press, the president warned of dire consequences if the debt ceiling is not raised before it hits its limit of $14.3 trillion in mid-May. He said the ramifications if the U.S. were to default on its debts could plunge the world into a new recession.
He said he doesn't want to get close to that line and voiced confidence that Congress would approve an increase in the nation's credit.