Jeff Mason
May 15, 2011

President Barack Obama warned Congress that failing to raise the U.S. debt limit could lead to a worse financial crisis and economic recession than 2008-09 if investors began doubting U.S. credit-worthiness.

In remarks recorded last week and broadcast by CBS News on Sunday, Obama repeated his stance that Republicans should not link the debt ceiling decision to spending cuts as part of deficit-reducing measures.

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“If investors around the world thought that the full faith and credit of the United States was not being backed up, if they thought that we might renege on our IOUs, it could unravel the entire financial system,” Obama told a CBS News town-hall meeting.

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