04/12/11

Permalink US govt. warns of econ. Armageddon

The White House has expressed grave concerns in case the congressional Republicans fail to raise the $14.29 trillion dollars debt limit by May 16, which would harm the country's crushing economy. “The consequences ... of failure to raise the debt ceiling would be Armageddon-like in terms of the economy," AFP quoted White House spokesman Jay Carney as saying on Monday. Carney added that the US President Barack Obama regrets his vote as a senator against raising the debt limit in 2006, adding that the issue is critical to both the US and the global economy. In case the US's Republican-led congress fails to raise the amount the Treasury is allowed to borrow by May 16, the government would default on its interest payments.

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