Obama Urges Government Borrowing Extension

June 30th, 2011 news | Comments Off | | by

During a rare hour-long news conference on Wednesday, President Obama warned that the US economy could face significant consequences if Congress fails to permit more government borrowing. Obama stressed the importance of extending borrowing beyond the current 14.3 trillion limit by August 2nd. Otherwise, defaulting on international loans could shake confidence in the US economy and downgrade the country’s credit rating making borrowing more expensive in the future.

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