Economy Politics USA

U.S. debt: Barack Obama’s intervention at …

On Friday morning the President of the United States Barack Obama will speak about the political crisis on raising the debt ceiling, following the postponement of a vote in the House of Representatives, said the White House.

Obama will speak to the press at 10:20 (1420 GMT), “about the state of negotiations on the debt ceiling,” said the presidency in a statement.

Despite the acuteness of the crisis, four days of the date after which the world’s largest economy risk of default for lack of agreement in Congress, it will be only the second week of the intervention on this issue for President , who delivered a speech to the nation on Monday.

Thursday evening, the House of Representatives, where Republican opponents of Obama are the majority, postponed the vote on a plan to raise the debt ceiling, the chairman of the meeting John Boehner apparently not succeeded in bringing together his troops behind the text.

Obama could be argued on Friday that the persistence of blocking justifies his call for a “compromise” to end the crisis through negotiations with his Democratic allies who control the Senate.

Weeks of talks have so far been insufficient to reach agreement on a plan to reduce deficits accompanied by an increase in the ceiling of the debt, which reached in mid-May its limit set by law to 14,294 billion, almost 100% of GDP.

According to the Treasury after August 2 the U.S. will lose their borrowing capacity and risk of default with catastrophic consequences.

 

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