'No compromise' on Congress lifting the federal debt ceiling: Obama

'No compromise' on Congress lifting the federal debt ceiling: Obama Zeebiz Bureau


Honolulu: President Barack Obama hailing the last minute deal saver over the fiscal cliff has warned that he will see no compromise in his insistence on Congress lifting the federal debt ceiling.

Obama, in his online and radio address on Saturday, stated that the fiscal cliff deal would raise taxes on the wealthiest Americans while preventing a middle-class tax hike.

"If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic," Obama said. "Our families and our businesses cannot afford that dangerous game again."

If elected officials from both parties "focus on the interests of our country above the interests of party, I'm convinced we can cut spending and raise revenue in a manner that reduces our deficit and protects the middle class," Obama said.

With one crisis behind him, Obama faces new battles in Congress over raising the country's USD 16.4 trillion borrowing limit, as well as scaling back more than USD 100 billion in automatic spending cuts for the military and domestic programs.

With Agency Inputs