Obama: If we stay on the current path, our current debt could do damage to the economy.
“If we stay on the current path, our growing debt could cost us jobs and do serious damage to the economy,” Obama said in a prime-time address from the White House.
Obama on what default could mean: Interest rates could climb for everyone who borrows money
Obama said that a failure to get a deal risks forcing the U.S. to default on some of its obligations. He urged Americans to pressure their representatives in Washington to act.
If Congress doesn’t agree, “interest rates would skyrocket on credit cards, mortgages, and car loans, which amounts to a huge tax hike on the American people,” Obama said. “We would risk sparking a deep economic crisis - one caused almost entirely by Washington.”
Obama: A six-month extension of the debt ceiling might not be enough to avoid a credit downgrade.
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