US govt. warns of econ. Armageddon

The White House has expressed grave concerns in case the congressional Republicans fail to raise the $ 14.29 trillion dollars debt limit by May 16, which would harm the country's crushing economy.


—The consequences ... of failure to raise the debt ceiling would be Armageddon-like in terms of the economy," AFP quoted White House spokesman Jay Carney as saying on Monday.

Carney added that the US President Barack Obama regrets his vote as a senator against raising the debt limit in 2006, adding that the issue is critical to both the US and the global economy.

In case the US's Republican-led congress fails to raise the amount the Treasury is allowed to borrow by May 16, the government would default on its interest payments.

Meanwhile, Republicans at the House of Representatives say that Obama has to agree to further budget cuts, other than the $ 38 billion agreed on Friday, in exchange for his demand over raising the debt limit.

On April 8, just an hour before the deadline to reach a compromise on spending cuts, Republican and Democratic lawmakers found common grounds on the issue to avert a government shutdown over the next six months.

If an agreement had not met before the deadline, the shutdown would have left some 800,000 federal workers unemployed, while affecting US nationals at home and abroad with heavy cuts in their paychecks.

AE/MRS/MGH

Ahahahaha..

Soon we??ll witness how you (civilized) guys under your fucking —democracy?? start to tear each other a parts.

I'm moving to Norway, fuck this place!

This is not meant to be a rude question....Q....but why do you care so much our government?
Especially since you hate us so?

*about***

& what I mean by that is...you pay A LOT of attention to the going on here.
More attention than I do even and I live here. Haha

Posted by brianafay
This is not meant to be a rude question....Q....but why do you care so much our government?
Especially since you hate us so?

It is not a rude question, what happen there has a global effects and I am worried about the future of the planet and its inhabitants.

If and when it goes down, it takes a lot with it down to the abyss.


That's one of many reasons that I hate the Americanism, Didn't you know that..??

Never knew the reason.

Do now. 🙂

It's true, I think we are considered the great power...if we collapse...so falls the rest of the world