President Obama warned Republicans against using a hike in the debt ceiling as leverage to win entitlement cuts, arguing it would play havoc with the economy.
In an address to corporate CEOs at the Business Roundtable, Obama said business leaders “should not accept going thorough” another debt\-ceiling crisis like the one in 2011 that caused stocks to fall and led Standard and Poor’s to devalue the U.S. credit rating.
He warned a repeat of that showdown would be a “catastrophe” for the nation that would cause a “self-inflicted series of wounds that will potentially push us back into recession.”
Obama’s use of the business venue for the comments was meant to invoke a contrast between his stewardship of the economy and Republicans. It came in front of business leaders that have differed with the White House over financial reform and the new healthcare law.
For more on Obama's remarks, click here.
