Raise debt limit or face consequences: White House


Washington: The White House has appealed to the Republicans in the Congress to raise the debt ceiling without any condition, arguing not doing so would lead to "Armageddon-like" consequences for the U.S. economy. "The consequences of failing to raise the debt ceiling would be Armageddon-like in terms of the economy -- the impact on interest rates, on job creation, on growth would be devastating," White House Press Secretary Jay Carney told reporters at his daily news conference. Congress must raise the $14.29 trillion US debt limit, or the maximum amount the Treasury is allowed to borrow, by May 16 or the US will default on interest payments of its debt. The move has become embroiled in fiercely partisan battles over the economy and spending.
Source: PTI