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Obama says debt ceiling crisis hurts U.S. economy

08-04-2011 14:31 BJT

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The US debt ceiling crisis made headlines across the globe -- and President Barack Obama says all that negativity has hurt the American economy. He is also urging Congress to settle differences regarding a partial shutdown of federal aviation programs by the end of the week.

Obama says, the U.S. debt ceiling crisis had an unnecessary negative impact on the economy, and the congressional impasse over aviation could cost the government one-billion dollars in lost revenues.

Obama signed legislation Tuesday that would raise the U.S. debt ceiling and cut spending, averting a default hours before a deadline. The president says a disagreement in Congress that has led to a partial shutdown of federal aviation programs is another example of how work in Washington can have an adverse effect on the economy.

U.S. President Barack Obama makes a statement in the Rose Garden at the White House in Washington.

Obama said, "This is a lose-lose-lose situation that can be easily solved if Congress gets back into town and does its job. And they don't even have to come back into town. The House and the Senate could, through a procedural agreement, basically do this through unanimous consent. And they can have the fights that they want to have when they get back. Don't put the livelihoods of thousands of people at risk. Don't put projects at risk. And don't let a billion dollars, at a time when we're scrambling for every dollar we can, get left on the table because Congress did not act."

Editor:Li Wanran |Source: CNTV.CN

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