Debt crisis could trigger new economic crisis: Obama

Townhall.com Staff
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Posted: Jun 14, 2011 9:41 AM
Debt crisis could trigger new economic crisis: Obama
WASHINGTON (AFP) – Delay in raising the US debt ceiling could reverse the fledgling recovery and trigger a new economic meltdown, US President Barack Obama said in a interview broadcast on Tuesday.

"We could actually have a reprise of a financial crisis, if we play this too close to the line," Obama told NBC television's "Today Show" program.

"We're going be working hard over the next month. My expectation is we're going get it done in a sensible way. That's what the American people expect."

Obama and congressional Republicans have been engaged in heated wrangling over raising the debt ceiling, with the GOP demanding deep cuts in exchange for any deal to raise the spending limit.