Obama says debt failure could trigger 2nd recession

By REUTERS
July 6, 2011 22:02

 
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WASHINGTON - A failure to reach an agreement to avert a US government default could trigger a second economic recession or worse, President Barack Obama told a Twitter town hall on Wednesday.

Obama was asked whether he might seek to use a clause in the US Constitution's 14th amendment to approve an increase in the US debt ceiling without congressional approval.

Obama replied that he did not think the debate would get that far, that an agreement would eventually be reached with Congress.

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