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Obama: "Congress Has Run Up The Credit Card"

PRESIDENT OBAMA: "These are obligations that the United States has taken on in the past, that Congress has run up the credit card, and we now have an obligation to pay our bills. If we do not, it could have a whole set of adverse consequences. We could end up with a situation, for example, where interest rates rise for everybody all throughout the country, effectively a tax increase on everybody, because suddenly, whether you're using your credit card, you're trying to get a loan for a car, or a student loan, businesses that are trying to make payroll..."

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