US may become default country; Obama warns

North AmericaUS may become default country; Obama warns

WASHINGTON: The United States may become a default country, President Barack Obama said in an interview‚ adding that a conservative faction of Republicans is allowing the country to default.

The government declared partial economic shutdown on Tuesday after the Congress failed to pass a new budget. Both Republicans and Democrats are blaming each other for the impasse.

   

Most of the federal offices are closed and more than 700, 000 government employees are not able to get their salaries.

However‚ key institutions like air traffic control are working as usual and salaries of the armed forces being paid.

Meanwhile‚ President Obama cancelled part of his upcoming trip to Asia and invited congressional leaders to the White House to discuss the budget standoff.

Obama will also call on Congress to act to raise the debt ceiling to pay the bills and avoid devastating consequences on the economy.

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