President Barack Obama is adamant that he will not be held “hostage” by the Republicans in the House of Representatives, who are threatening not to raise the U.S. debt ceiling without some concessions on future spending and Obamacare. If the debt limit is not raised, allowing the Treasury Department to borrow more money, the federal government will default on some of the bills it owes in the next couple of weeks.Lots of commentators believe that such a default would have significant, if not devastating, downside economic effects.
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