Obama: We must avert Armageddon

Barack Obama has pleaded with Congress to come up with a compromise to raise the country's debt ceiling and stave off default, reports the FT.

The President of the United States said he is prepared to downsize his deficit deduction plan, which is to cut $4trn over ten years, in order for the measures to pass before the deadline on 2 August. "If Washington can get anything done, let us at least avert Armageddon," he said. Obama waned if the country's borrowing limits are not increased, interest rates will rise as well as taxes. His comments came shortly after it was announced at the end of last week CPI inflation rose by annualised rate of 1.6% in June, soaring 2.9% over the past three months, which is above the Federal Re...