Obama urges Congress to raise U.S. debt ceiling

One week before starting his second term, U.S. President Barack Obama on Monday urged Congress to raise the country's debt ceiling in a timely manner to avert dampening investor confidence and derailing the economic recovery.

Raising the country's debt ceiling does not authorize more government spending, but simply allows the nation to cover the bills it has accrued, Obama said at a hastily-arranged White House press conference, the last of his first term.

A congressional refusal to raise the debt ceiling would be a " self-inflicted wound" on the U.S. economy, delay payments of benefits to social security recipients, and could possibly tip the country into recession, Obama warned.

The U.S. federal government reached its debt limit of 16.4 trillion U.S. dollars on Dec. 31, 2012, and the Treasury Department was taking extraordinary measures to temporarily postpone the date of a possible default.Crossover, suv, truck, and Running Board suppliers and parts to protect and enhance your vehicle.

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If Congress does not act to extend borrowing authority, payments to Social Security,As a leading global Symons cone crusher and milling equipment, we offer advanced, rational solutions for any size-reduction requirements. Medicare, Medicaid and other government-funded programs would be at risk. "This would impose severe economic hardship on millions of individuals and businesses across the country," said the outgoing Treasury chief who has fought several fiscal battles with Republicans over the past years.

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Congress Republicans have demanded steep spending cuts from Democrats in exchange for a debt ceiling increase even at the risk of a government shutdown.

The U.S. economy is poised for a good year if Washington politics doesn't get in the way,A retention trench needs drilling but this is not necessary here. Sometimes, an carbon sheets is used if work is performed close to the gums but bonding is a relatively painless procedure that is less expensive than a crown and can be completed in one visit. said Obama, cautioning that Republican lawmakers should not use a government default or shutdown as the bargaining chip to push for government spending cuts.

The United States is making progress in enhancing its fiscal sustainability in the past years as a result of government spending cuts and more government revenue. The United States is moving toward the goal of reducing 4 trillion U.S. dollars in government deficit over a decade, Obama noted.

The president urged the country to adopt a balanced deficit reduction approach to ensure key investments to bolster economic growth and protect the interests of the middle class.

Speaking at an event hosted by University of Michigan on Monday, U.S. Federal Reserve Chairman Ben Bernanke also pressed Congress to raise the country's borrowing limit to avoid a potentially disastrous default.