BR100 Increased By (0.12%)
BR30 Increased By (0.28%)
KSE100 Increased By (0.26%)
KSE30 Increased By (0.26%)
AGHA 7.63 Increased By ▲ 0.04 (0.53%)
BECO 5.57 Increased By ▲ 0.06 (1.09%)
BML 59.74 Increased By ▲ 0.66 (1.12%)
BOP 34.40 Increased By ▲ 0.29 (0.85%)
CNERGY 13.11 Increased By ▲ 0.27 (2.1%)
CSIL 6.41 Increased By ▲ 0.31 (5.08%)
FCCL 58.06 Increased By ▲ 0.40 (0.69%)
FFL 16.23 Increased By ▲ 0.03 (0.19%)
FNEL 1.21 No Change ▼ 0.00 (0%)
KEL 7.43 Decreased By ▼ -0.05 (-0.67%)
KOSM 6.03 Increased By ▲ 0.09 (1.52%)
LOTCHEM 27.67 Decreased By ▼ -0.32 (-1.14%)
MLCF 102.75 Increased By ▲ 2.10 (2.09%)
NBP 205.06 Increased By ▲ 1.31 (0.64%)
NCPL 59.63 Decreased By ▼ -0.94 (-1.55%)
NPL 68.56 Decreased By ▼ -1.40 (-2%)
OGDC 318.92 Decreased By ▼ -1.37 (-0.43%)
PACE 11.05 Decreased By ▼ -0.05 (-0.45%)
PAEL 43.10 Decreased By ▼ -0.02 (-0.05%)
PIBTL 16.63 Increased By ▲ 0.07 (0.42%)
PPL 229.45 Increased By ▲ 0.61 (0.27%)
PRL 70.80 Decreased By ▼ -0.22 (-0.31%)
PTC 71.00 Decreased By ▼ -0.65 (-0.91%)
SSGC 27.41 Increased By ▲ 0.73 (2.74%)
TBL 10.31 Increased By ▲ 0.50 (5.1%)
TELE 8.53 Decreased By ▼ -0.08 (-0.93%)
TPL 23.06 Increased By ▲ 0.82 (3.69%)
TPLP 15.76 Increased By ▲ 0.65 (4.3%)
TREET 24.71 Increased By ▲ 0.58 (2.4%)
TRG 60.29 Increased By ▲ 0.45 (0.75%)
World

White House blasts Republicans on US debt

Published Updated

White-houseSAN FRANCISCO: The White House on Thursday accused its Republican foes of risking a global recession by saying they will not agree to raise the US debt ceiling unless paired with deep spending cuts.

Spokesman Jay Carney said President Barack Obama hoped to reach a compromise reining in galloping US deficits and national debt "in the same timeframe" as a congressional vote lifting the limit on Washington's ability to borrow.

But "you cannot hold one hostage to the other," he told reporters aboard President Barack Obama's official Air Force One airplane.

If talks collapse, "you can't say 'well, then we're just going to let the United States government go into default, tank the economy, send the economy into recession, not just domestically but globally," said Carney.

"I think that would be the height of irresponsibility," he said.

Obama was here for a campaign-style swing that included a a a fundraising breakfast at a swank San Francisco hotel

Carney had been asked about comments from Republican House Majority Leader Eric Cantor, who said in a statement that his party would oppose "a blind vote" on raising the debt ceiling absent steep cutbacks in government outlays.

"Democrats want a free pass to keep spending money we don't have," said Cantor.

"Republicans will not agree to raise the debt limit without binding budget reforms and immediate spending cuts."

"Such a move would be highly irresponsible in the face of record debt and deficits, and completely ignores the will of the American people who want Washington to finally start living within its means," said Cantor.

Carney suggested Cantor was out of step with fellow top Republicans, whose statements "have been in accordance with what the president has said, which is that we have to raise the debt ceiling no matter what" even as negotiations on spending cuts continue.

Copyright AFP (Agence France-Presse), 2011

Comments

Comments are closed for this article.