President Barack Obama said Wednesday that Wall Street should be alarmed with this year’s high-stakes game over raising the debt ceiling, which Congress must do in ten days or plunge the U.S. and world economy into turmoil.
House Republicans are considering merging the coming fight to increase the debt limit with a continuing resolution to re-open the shuttered government, including the addition of further demands to cut spending. Congressional leaders are set to meet with President Obama at the White House Wednesday afternoon to discuss a way forward.
“This time’s different. I think they should be concerned,” Obama said in an interview with CNBC that aired Wednesday. “I had a chance to speak to some in the financial industry who came down for their typical trip. And I told them that it is not unusual for Democrats and Republicans to disagree. That’s the way the founders designed our government. Democracy’s messy.”
“But when you have a situation in which a faction is willing potentially to default on U.S. government obligations, then we are in trouble,” he added. “And if they’re willing to do it now, they’ll be doing– willing to do it later.”
