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  More jawboning: Obama in emergency talks to secure US debt deal

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RR Phantom

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More jawboning: Obama in emergency talks to secure US debt deal Vide
PostSubject: More jawboning: Obama in emergency talks to secure US debt deal    More jawboning: Obama in emergency talks to secure US debt deal Icon_minitimeSat Jul 23, 2011 11:53 pm
US President Barack Obama has held an emergency meeting with congressional leaders in a last-ditch bid to avert an economically catastrophic debt default.

Mr Obama called the meeting after talks with Republican House Speaker John Boehner broke down on Friday.

More jawboning: Obama in emergency talks to secure US debt deal _54235183_012514587-1

Both Democrats and Republicans are divided on how to control future spending.

Congress must approve a plan to raise America's debt ceiling before the 2 August default deadline.

If the US fails to meet the deadline to raise the $14.3tn limit on US borrowing, the Treasury could run out of money to pay all of its bills - which could lead to interest rate rises, threaten the US economic recovery and in turn the global recovery.

http://www.bbc.co.uk/news/world-us-canada-14263644
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