President Barack Obama has the power to avert a default on the nation's $16.7 trillion debt without Congress raising the debt ceiling, preventing what the U.S. Treasury Department said could be the worst recession since the Great Depression, a senior U.S. House of Representatives Republican said Friday. Representative Jeb Hensarling of Texas, chairman of the House Financial Services Committee, said Congress doesn't have to vote to increase debt limit before October 17 to circumvent a default, contrary to what Treasury Secretary Jacob Lew, the U.S. Chamber of Commerce, and 250 other business organizations have urged. Treasury has the power to pay the interest and principal on bonds before it takes care of other government expenses, he said. "If there is one person who can make sure we do not default on the full faith and credit of the United States it is President Obama," Hensarling said in a statement. Affiliate publication Corporate Counsel has more.
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