The Straits Times
www.straitstimes.com
Published on Jan 15, 2013
 

'We are not a deadbeat nation': Obama on debt limit

 
 

WASHINGTON (AFP) - United States President Barack Obama sent a stern warning to Republican lawmakers on Monday against using the debt ceiling as a "bargaining chip," saying a failure to raise the borrowing limit would sew financial chaos and send markets into a tailspin.

"To even entertain the idea of this happening, of the United States of America not paying its bills, it is irresponsible, it is absurd," Mr Obama said, repeating his demand for a debt limit rise.

"We are not a deadbeat nation," the president said in the final press conference of his first White House term.

"While I'm willing to compromise and find common ground over how to reduce our deficits, America cannot afford another debate with this Congress about whether or not they should pay the bills they've already racked up."