Obama: If The US Debt Default, It Means Tax On Everyone.
US President Obama
USA president
Obama
15, once again, urge policy makers to improve as soon as possible.
debt ceiling
To improve the sustainability of us finances.
At a news conference held at the White House that day, Obama said that both the Democratic Party and the Republican party recognized the importance of solving the debt ceiling problem, which made him feel exulting.
He stressed that he is still promoting the use of the current unique opportunities to reach a major agreement to stabilize the US economy in the next few decades.
He said the US must not default on debt.
If government default causes
Interest rate rise
That would mean tax on everyone.
Obama said he was prepared to make tough decisions, and urged Republicans to compromise in the area of taxation related to the interests of the party.
By May 16th this year, the federal government had reached a legal limit of $14 trillion and 290 billion.
If Congress can not raise the public debt ceiling by August 2nd, the US will face a risk of default.
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