US will resolve debt crisis by August 2: Obama

barack-obama

In a press conference on Monday, President Barack Obama reassured markets that the US will act in time to stave off default.

Failure to raise the $14.3 trillion limit could trigger another recession and put millions of people out of work, Obama has warned.

The US government has reached an impasse over budget talks as the two parties battle over the package of cuts that need to be made. Obama wants to see some $4 trillion of cuts introduced, including some controversial tax hikes.

Obama stressed

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