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Obama challenges Republicans on debt talks

Monday, July 11, 2011 - 01:26

July 11 - President Barack Obama said he's pushing congressional leaders for the largest possible deal on reducing the country's $1.4 trillion deficit. Jon Decker reports.

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With the clock ticking on an August 2nd deadline to avoid defaulting on the U.S. national debt, President Barack Obama said he's pushing congressional leaders for the largest possible deal on reducing the country's $1.4 trillion deficit. SOUNDBITE: U.S. PRESIDENT BARACK OBAMA SAYING (English): "Now is the time to deal with these issues. if not now, when." The Treasury Department has warned that it will run out of money to cover the country's bills if Congress does not raise the $14.3 trillion debt ceiling -- a prospect that President Obama warned would have dire consequences. SOUNDBITE: U.S. PRESIDENT BARACK OBAMA SAYING (English): "If we don't raise the debt ceiling, and we see a crisis of confidence in the markets, and suddenly interest rates are going up significantly, I promise you they won't like that." Preventing a deal is Republican opposition to raising taxes and opposition from Democrats on cuts to entitlement programs like Medicare and Medicaid. Jon Decker, Reuters.

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Obama challenges Republicans on debt talks

Monday, July 11, 2011 - 01:26