Today President Obama pressed members of Congress to “do their job” and raise the nation’s $14.3 trillion debt ceiling. As some economic experts have warned that failure to do so could lead to the devaluation of the dollar and rising interest rates, Obama told the nation, “the yellow light (is) flashing,” and “this is urgent.”
In his plea he also found time to call for Republican law makers to cave in and go along with Democratic proposals to increase taxes as part of the deal. “I want everybody to understand that this is a jobs issue. This is not an abstraction,” he said. “If the United States government, for the first time, cannot pay its bills — if it defaults — then the consequences for the U.S. economy will be significant and unpredictable. And that is not a good thing.”
House majority leader, John Boehner informed Obama any deal that includes tax increases will not pass the House. “A debt-limit increase can only pass the House if it includes spending cuts larger than the debt limit increase; includes reforms to hold down spending in the future; and is free from tax hikes,” he said.
As Greece passed their Austerity measure today to avoid default, the United States government still continues to debate debt ceilings at home.