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Friday 15 July 2011

Barack Obama warns against playing games over US debtThursday warned Republican lawmakers against playing games as contentious debt talks dragged on into a fifth straight day. "I think that at a certain point the American people run out of patience," Obama said in an interview with a local Philadelphia television CBS3, warning that could happen "if they think that people are playing games and are not serious about solving problems." "What I did say to them, was very bluntly, the American people expect us to stop political postures, to stop playing games, and to solve this problem. And I was very blunt with them." The interview was recorded before Obama hosted a fifth day of White House talks seeking to reach an elusive budget compromise and avert a ruinous early August default. Economists and finance and business leaders have warned that failure to raise the US debt ceiling above the current $14.3 trillion by August 2 could send shockwaves through a world economy still reeling from the 2008 collapse. Republicans have refused to raise the debt ceiling without a commitment for spending cuts from Obama and his Democratic allies to rein in the ballooning deficit. Obama reiterated that he is willing to make "very tough spending cuts. I'm willing to make modifications to entitlements, like medicare, and medicaid. "And I've said in return, let's make sure that folks like myself who have been extraordinarily blessed, are contributing to the sacrifice that is necessary." Republicans have so far stood firm on not agreeing to any tax increases, as a way of raising revenue. But Obama warned: "We're not going to let Congress go on August recess have a one month vacation while this problem doesn't get solved."

Thursday warned Republican lawmakers against playing games as contentious debt talks dragged on into a fifth straight day.

"I think that at a certain point the American people run out of patience," Obama said in an interview with a local Philadelphia television CBS3, warning that could happen "if they think that people are playing games and are not serious about solving problems."

"What I did say to them, was very bluntly, the American people expect us to stop political postures, to stop playing games, and to solve this problem. And I was very blunt with them."

The interview was recorded before Obama hosted a fifth day of White House talks seeking to reach an elusive budget compromise and avert a ruinous early August default.

Economists and finance and business leaders have warned that failure to raise the US debt ceiling above the current $14.3 trillion by August 2 could send shockwaves through a world economy still reeling from the 2008 collapse.

Republicans have refused to raise the debt ceiling without a commitment for spending cuts from Obama and his Democratic allies to rein in the ballooning deficit.

Obama reiterated that he is willing to make "very tough spending cuts. I'm willing to make modifications to entitlements, like medicare, and medicaid.

"And I've said in return, let's make sure that folks like myself who have been extraordinarily blessed, are contributing to the sacrifice that is necessary."

Republicans have so far stood firm on not agreeing to any tax increases, as a way of raising revenue.

But Obama warned: "We're not going to let Congress go on August recess have a one month vacation while this problem doesn't get solved."

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