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Tuesday 22.08.2017 | Name days: Rudīte, Everts

Obama: yellow light flashing for US economy

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The US President Barack Obama

The US economy has already signalled yellow light and to avoid switching to  red light people await relevant actions from government officials by lifting the set national debt threshold.

The President of the United States Barack Obama could not answer the question whether red light for the economy will appear exactly on August 2, when the federal debt threshold will be reached, emphasizing he does not want to use intimidation tactics, reports ITAR-TASS.

At the same time, Obama indicated it is a very important date and the final deadline for the US tools allowing paying all the bills.

The US Treasury has confirmed this date as a deadline for the country to increase the allowed debt ceiling, which is currently 14.3 trillion dollars. The political opposition in the Congress refuses to take such a step without the White House’s consession to the proposed conditions, or may disagree with it.

This approach could mean the US government default, bringing catastrophic consequences. The International Monetary Fund has also called on the US Congress to raise the debt ceiling.

Obama repeatedly reminded of the threats posed to the US creditworthiness and potential default, while expressing belief that none of the politicians wants such a scenario.

Likewise, Obama highlighted that if a solution is not adopted until this weekend, he will require government officials to continue working, instead of going on summer recess. He also pointed out ironically that his children, aged 10 and 13 years, are able to do their homework in time rather than at the last moment, so the Congress should be able to do the same.

Budget deficit should be reduced, in order to tackle the growing US debt. Obama pointed out that measures necessary for the State Treasury’s spending cuts and revenue increase have already been identified, also in such sensitive areas as defence, health care and taxes.


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