11/28/2014

Currently

49°F

Haze
Humidity: 66%
Pressure: 30.02 in

National & World

Obama: GOP 'grandstanding' in budget battle

Obama: GOP 'grandstanding' in budget battle
President Barack Obama gestures while making a statement regarding the budget fight in Congress and foreign policy challenges, Friday, Sept. 27, 2013, in the James Brady Press Briefing Room of the White House in Washington. The president said the debt ceiling breach far worse than a government shutdown and would effectively shutter economy. (AP Photo/ Evan Vucci)
Show Caption
WASHINGTON (AP) — President Barack Obama says a failure to increase the government's borrowing authority would effectively shutter the economy.

Obama told reporters at the White House Friday that would have a 'profound destabilizing effect' on the U.S. and global economies.

He accused Republicans of "political grandstanding" and said what they really care about is "appeasing the tea party."

The government faces two looming deadlines. One is a potential government shutdown Oct. 1 if Congress doesn't approve a short-term spending bill. The other is a debt limit around Oct. 17 if Congress doesn't increase the government's borrowing authority.

Obama says failure to raise the debt ceiling would be far more dangerous than a government shutdown.

Obama has vowed not to negotiate on the debt ceiling.
Share:
Second act of Black Friday shopping in full swing Second act of Black Friday shopping in full swing