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Obama: Raise Debt Ceiling or Risk Global Recession
CHICAGO (AP) -- President Barack Obama says that failing to raise the U.S. debt limit "could plunge the world economy back into recession.''

In an Interview with The Associated Press in Chicago on Friday, Obama acknowledged that he must compromise on spending with Republicans who control the House to avoid such a crisis.

Obama urged swift action to raise the ceiling on the money the nation can borrow. He says he doesn't want the United States to get close to a deadline that would destabilize financial markets.

He also says he doesn't expect either side to get everything it wants and that he's pushing for ''a smart compromise that's serious.''

The interview came a day after the Democratic president held the first major fundraising events of his re-election campaign.

(Copyright 2011 by The Associated Press. All Rights Reserved.)
04 15 11 by Newsroom
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