The U.S. is at risk of a "profound" crisis
The United States will reach its debt ceiling if by 2 August an agreement is not reached
WASHINGTON.- President Barack Obama warned yesterday that the United States risks entering a "profound" economic crisis if Republicans and Democrats cannot reach an agreement to increase the debt ceiling before 2 August.
The head of state, who addressed the nation to speak about the stalled negotiations, seemed confident that they still "can reach this compromise" and avoid the United States from declaring a suspension of payments.
To fall into default would be "unwise" and "irresponsible" underlined Obama, who reiterated that one solution to increase the debt until the end of the year, as the Republicans are proposing, does not solve the problem.
The Treasury Department has marked 2 August as the deadline for the federal government to declare itself in default.
After a weekend of tense and fruitless negotiations, Obama took to the citizens who he asked to call on their representatives in the Congress to reach an agreement.
"If you want a balanced focus in order to reduce the deficit, let your member of Congress know. If you believe that we can solve this problem through compromise, send this message," he said.
The head of state, who addressed the nation to speak about the stalled negotiations, seemed confident that they still "can reach this compromise" and avoid the United States from declaring a suspension of payments.
To fall into default would be "unwise" and "irresponsible" underlined Obama, who reiterated that one solution to increase the debt until the end of the year, as the Republicans are proposing, does not solve the problem.
The Treasury Department has marked 2 August as the deadline for the federal government to declare itself in default.
After a weekend of tense and fruitless negotiations, Obama took to the citizens who he asked to call on their representatives in the Congress to reach an agreement.
"If you want a balanced focus in order to reduce the deficit, let your member of Congress know. If you believe that we can solve this problem through compromise, send this message," he said.