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Obama concerned about debt ceiling's negative impact

08-04-2011 08:35 BJT

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US President Barack Obama said on Wednesday that the debt ceiling crisis had an unnecessary negative impact on the economy. He mentioned a disagreement in Congress that has led to a partial shutdown of federal aviation programs as an example of how work in Washington can have an adverse effect on the economy.

He added that the impasse could cost the government ONE billion US dollars in lost revenue. He also urged lawmakers to settle their differences by the end of the week. The US avoided a debt default by passing a compromise bill, which combines an increase in the debt ceiling with the promise of more than two trillion dollars in spending cuts over the next decade.

Obama demanded that legislators immediately turn their attention to fixing the US economy and creating jobs, while Standard & Poor's has signaled that it might downgrade the country's credit rating to AA.

 

Editor:Zhang Jingya |Source: CNTV.CN

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