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Obama Says If U.S. Defaults, Consequences Will Be ‘Significant’

President Barack Obama said the consequences of the U.S. defaulting if Congress doesn’t raise the nation’s debt ceiling will be “significant” and unpredictable.

Aug. 2 is a “hard deadline” for when the U.S. will no longer to meet all its debt obligations, Obama said at a White House news conference. “We don’t know how capital markets will react” if the deadline passes without an agreement to raise the $14.3 trillion limit.

“The consequences for the U.S. economy will be significant,” he said. “Job growth will be further stymied, further hampered.”

Republicans and Democrats are negotiating a deal for about $2 trillion in spending cuts over 10 years to clear the way for an agreement to raise the nation’s borrowing limit.

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