Obama to address nation as debt fight rages

admin

US President Barack Obama scheduled a rare prime-time speech to the nation Monday as polarized lawmakers failed to rally behind a plan to avert a disastrous debt default perhaps just one week away. The prospect of the world’s richest country running out of cash to pay its bills come August 2 sent stocks sliding and gold soaring while the IMF warned of a “severe shock” to the world economy absent an elusive breakthrough. Obama’s 9 pm (0100 GMT) speech from the White House’s ornate East Room would be only his seventh formal address to the nation, and the first since he unveiled a timeline for a US troop withdrawal from Afghanistan in June. The address came with Democrats who control the Senate…

Next Post

Photographer’s Lawsuit Against Rihanna Moves To Court

News Americas, NEW YORK, NY, Tues. July 26, 2011: A photographer who claims Rihanna plagiarized copies of his work eight times throughout one of her most recent videos, has won a victory to date. Judge Shira Scheindlin on Monday found David LaChapelle claims sufficient to support a charge of copying […]