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Obama warns of US default danger Obama warns of US default danger
(35 minutes later)
US President Barack Obama has warned Wall Street should be concerned that a conservative faction of Republicans are willing to allow the country to default on its debt. US President Barack Obama has warned that Wall Street should be concerned that a conservative faction of Republicans is willing to allow the country to default on its debt.
He said he would not hold budget talks with Republicans until they allow the US government to reopen and pass a bill to raise the US borrowing limit. He said he would not hold budget talks with Republicans until they allowed the US government to reopen and pass a bill to raise the US borrowing limit.
He said he was "exasperated".He said he was "exasperated".
The US government closed non-essential operations on Tuesday after Congress failed to reach a new budget deal.The US government closed non-essential operations on Tuesday after Congress failed to reach a new budget deal.
"I think it's important for them to recognise that this is going to have a profound impact on our economy and their bottom lines," Mr Obama said in an interview on CNBC following a meeting with US financial sector leaders.
Mr Obama said he was unwilling to negotiate "with the extremist wing of one party" as the 17 October deadline to raise the nation's borrowing limit nears.
"The message I have for the [Congressional] leaders is, as soon as we get a clean piece of legislation that reopens the government... until we get that done, until we make sure that Congress allows [the Department of the Treasury] to pay for things that Congress itself already authorised, we are not going to engage in a series of negotiations," he said.
Mr Obama said Republican House Speaker John Boehner was unable to say no to "a small faction" of the Republican Party, and if a few people "are allowed to extort concessions" then any president who followed him would find himself "unable to govern effectively".