Beset by a weak jobs report, President Barack Obama on Friday called for swift action by Congress to raise the nation’s borrowing limit, saying the uncertainty over the debt ceiling has hindered hiring in the private sector.
In remarks in the White House Rose Garden, the president linked two of the most high profile issues facing his presidency — the weak economy and a massive budget deal to meet an Aug. 2 deadline to increase the debt limit.
“The sooner we get this done, the sooner that the markets know that the debt limit ceiling will have been raised and that we have a serious plan to deal with our debt and deficit, the sooner that we give our businesses the certainty that will need in order to make additional investments to grow and hire,” Obama said.
He made his remarks just hours after the government reported anemic job growth for June and a new, higher unemployment rate of 9.2 percent.
Obama said uncertainty over raising the debt ceiling — currently capped at $14.3 trillion — was one of several factors that have contributed to an economic slowdown and weaker job creation. He also listed natural disasters, high gas prices, state and local budget cuts and the fiscal crisis in Greece.
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Steve from GA
These cuts to government spending across the board are dragging on the economy but sadly if Obama is to get a victory on raising the debt ceiling more cuts must be apart of the conversation to bring both parties to the table. I just wish the republicans wouldn’t play chicken with the economy to score political points
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