Republican Debt-Default Threat Is Crazy, Says Obama
Kumar, Nikhil, The Independent (London, England)
Barack Obama denounced Republican moves to potentially use the threat of a disastrous debt default by the American government to delay funding for his signature health reforms as "crazy" yesterday, saying he would "not negotiate on anything when it comes to the full faith and credit of the United States of America".
The President spoke out in a fiery speech at a community college just outside the Washington beltway as Republican leaders in Congress said they would attempt to seek a one-year delay in the full implementation of the new national healthcare law known as "Obamacare" in return for raising the debt limit by enough to let Treasury borrow through the end of 2014.
A failure to raise the debt limit would mean that the US government is unable to borrow money from the markets to fund existing spending commitments. Such a move would trigger a debt default by the US, a potentially devastating outcome for a still fragile world economy.
"The Affordable Care Act is here to stay," Mr Obama said during a speech at Prince George's Community College in Maryland. "All this would be funny if it wasn't so crazy. …