Tuesday, April 12, 2011

White House Warns of Debt 'Armageddon'

The White House warned Republicans on Monday that failing to raise the $14.29 trillion US debt limit would spark "Armageddon-like" consequences for the slowly recovering US economy.

As a new political showdown looms over the economy following a defused budget row, aides also said President Barack Obama now "regrets" his vote as a senator against raising the debt ceiling in 2006, calling it "a mistake."

"The consequences ... of failure to raise the debt ceiling would be Armageddon-like in terms of the economy," said White House spokesman Jay Carney.'


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