WASHINGTON (AP) — President Barack Obama said Friday Congress has a 'unique opportunity to do something big' and stabilize the U.S. economy for decades by cutting deficits even as it raises the national debt limit ahead of a critical Aug. 2 deadline. But, he declared, 'We're running out of time.'
Obama said he was ready to make tough decisions — such as on Medicare costs — and challenged Republicans to do the same. He attempted to turn the Republicans' opposition to any tax increases back against them, warning starkly that failure to raise the debt ceiling would mean 'effectively a tax increase for everybody' if the government defaults, sending up interest rates."
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Obama said he was ready to make tough decisions — such as on Medicare costs — and challenged Republicans to do the same. He attempted to turn the Republicans' opposition to any tax increases back against them, warning starkly that failure to raise the debt ceiling would mean 'effectively a tax increase for everybody' if the government defaults, sending up interest rates."
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