Obama Allows For Possibility Of US Default - Spokane, North Idaho News & Weather KHQ.com

Obama Allows For Possibility Of US Default

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WASHINGTON (AP) - President Barack Obama for the first time is allowing for the possibility that the U.S. may default on its financial obligations.

At a hastily arranged White House appearance on Friday, Obama said: "If we default, then we're going to have to make adjustments."

Up until now, the president has always expressed confidence that the leadership in Congress would not fail to meet an Aug. 2 deadline to raise the nation's debt ceiling, keeping the country from defaulting on its financial obligations.

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President Barack Obama has asked bipartisan congressional leaders to meet at the White House on Saturday morning to discuss the way forward on a deal to boost the nation's borrowing authority. Obama called for the meeting after House Speaker John Boehner told the president he was walking away from the talk.

Obama says he will meet with Boehner, Senate Republican leader Mitch McConnell, House Democratic leader Nancy Pelosi and Senate Democratic leader Harry Reid. Obama says time is running out to reach a deal by Aug. 2 to avert a default.

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