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Obama: US Must Avoid Economic Consequences of Default

U.S. President Barack Obama says in his meetings with congressional members this week about the political stalemate on government funding and borrowing that there was one agreement: "the need to avoid the economic consequences of not meeting [the] country's commitments." The president said in his weekly address Saturday damage to the country's "sterling credit rating" would make it more expensive for everyone in America to borrow money, creating what would amount ...

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