Washington: US President Barack Obama on Saturday asked the Republicans and the Democrats in the Congress to reach an agreement to keep the government from defaulting on payments to veterans, pension recipients and others.
“While the two parties are not far apart in their goals, they must resolve their differences quickly so that the United States can continue paying its Social Security checks, veterans’ benefits, and contracts with thousands of American businesses,” Obama said in his weekly address to the nation.
The time has come to stop endangering the Triple A bond rating of the United States, put aside partisan politics, and behave responsibly to ensure a balanced approach to reducing our nation’s deficit, he said.
“And make no mistake – for those who reflexively oppose tax increases on anyone, a lower credit rating would be a tax increase on everyone – we’d pay higher interest rates on mortgages, car loans, and credit cards,” he said. That would be inexcusable, and entirely self-inflicted by Washington, Obama said. (PTI)