U.S. President Barack Obama has warned that after the recent fight in Congress over a bill to prevent a "fiscal cliff" of tax hikes and spending cuts, the United States cannot afford further budget showdowns.
Obama, in a radio and Internet address on January 5, said that the new law he signed on January 3 was just one step toward fixing the country's fiscal and economic problems.
His warning comes as Democrats and Republicans in Congress prepare for another battle over the U.S. legal borrowing limit of $16.4 trillion.
Congress has about two months to raise the debt ceiling to allow more government borrowing or risk causing the government to default on its bills and financial obligations.
A row over the 2011 debt ceiling resulted in a downgrade of the U.S. credit rating.
Based on reporting by Reuters, AP, and AFP