Reuters: Politics: Obama says refusal to lift debt ceiling would hurt economy

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Obama says refusal to lift debt ceiling would hurt economy Jan 14th 2013, 17:32 Tweet Share this Email Print Related News Obama says Biden presented sensible ways to reduce gun violence 12:11pm EST Obama says willing to assume authority to raise debt ceiling 12:11pm EST Analysis & Opinion Why public debt is not like credit card debt The real reason Obama wants Hagel U.S. President Barack Obama speaks during a news conference at the White House in Washington, January 14, 2013. Credit: Reuters/Jonathan Ernst WASHINGTON | Mon Jan 14, 2013 12:11pm EST WASHINGTON (Reuters) - President Barack Obama warned Congress on Monday that a refusal to raise the U.S. debt ceiling next month would trigger economic chaos. Obama, at a news conference, said the U.S. economy was poised for a good year as long as Washington politics did not interfere. He said a Republican refusal to lift the debt ceiling could lead the United States into a debt default, which would prevent the U.S. government from being able to provide Social Security benefits to some seniors and possibly tip the economy into recession. "It would be a self-inflicted wound on the economy," Obama said. Obama argued that he has agreed to plenty of government spending cuts and that it was now time for an overhaul of the tax code to close loopholes and for some modest tinkering with entitlement programs to reach a balanced deficit-reduction package. (Reporting By Steve Holland, Jeff Mason and Mark Felsenthal; Editing by Paul Simao) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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