Obama to ask business leaders to push Congress to raise debt limit

Obama to ask business leaders to push Congress to raise debt limit

[Ed. note: Never tired of looking for apron strings to hide behind]

President Barack Obama will appeal to business leaders on Wednesday to urge Congress to approve an increase in the U.S. debt limit and avoid a default that is possible as early as mid-October.

Obama is to address the Business Roundtable as part of a renewed push to focus on domestic budget and economic issues after a month dominated by foreign policy.

The U.S. Treasury is expected to exhaust measures to avoid exceeding the $16.7 trillion debt limit as soon as mid-October. If the cap is not raised, the United States will not be able to pay all of its bills and would go into default.

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Obama will tell business leaders that they should pile pressure on Congress, which must vote to increase U.S. borrowing capacity, to avoid a default.

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