Obama Warns GOP Against Creating 'Economic Chaos'

By: Associated Press
By: Associated Press

WASHINGTON (AP) - As he marks the fifth anniversary of the near-collapse of the nation's financial system, President Barack Obama is warning congressional Republicans not to create another economic crisis.

Obama says it would be the "height of irresponsibility" to do so.

He says some conservative lawmakers are promising "economic chaos" if they can't get 100 percent of what they want.

Some Republicans say they'll vote to extend current spending levels or to increase the debt ceiling only if Obama delays putting in place his health care law. That's a condition Obama has rejected. Others say scheduled spending cuts should stay in place to reduce the deficit. Obama wants the cuts re-worked.

Obama spoke at a White House event on the fifth anniversary of the bankruptcy of the Lehman Brothers investment bank, which marked the beginning of a global financial crisis.

He reiterated his refusal to negotiate with Republicans over the debt ceiling. And he called on Congress to "pass a budget without drama."

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