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Obama: If debt limit not raised, financial crisis possible
June 14, 2011 / 12:47 PM / 6 years ago

Obama: If debt limit not raised, financial crisis possible

WASHINGTON (Reuters) - President Barack Obama warned on Tuesday there could be another global financial crisis if Congress failed to raise the national debt ceiling.

<p>President Obama departs aboard Air Force One at the Miami International Airport in Florida for Puerto Rico, June 14, 2011. REUTERS/Larry Downing</p>

But in an interview with NBC’s “Today” show, Obama also said he took Republican leaders at their word that they want to avoid such a situation and he expects a deal to increase the debt limit “in a sensible way.”

“The full faith and credit of the United States is the underpinning not only of our way of life, it’s also the underpinning of a global financial system. We could actually have a reprise of a financial crisis, if we play this too close to the line. So we’re going be working hard over the next month,” he said.

Reporting by Matt Spetalnick; Editing by Doina Chiacu

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