Obama cancels fundraisers to deal with debt crisis

By Agence France-Presse
Monday, July 25, 2011 12:36 EDT
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President Barack Obama has canceled several fundraising events for his 2012 reelection campaign to deal with the US government debt crisis stalemate, officials said Monday.

Obama, who raised some $86 million in the second quarter for his reelection effort, has scrapped events in California and in Seattle, Washington, according to his campaign.

Another event at the New York home of film producer Harvey Weinstein has been postponed until August, said a campaign official, who asked to remain anonymous.

The same official said Obama would be replaced by Vice President Joe Biden at two engagements in Washington to be held later Monday.

Plans had been suspended for a major gathering scheduled for August 3 in Chicago, which is just ahead of the president’s birthday, until a resolution on the debt talks, the official added.

The White House and top lawmakers failed over the weekend to reach a deal to save the world’s richest country from a disastrous default on its debt on August 2, amid fears that inaction could affect markets around the globe.

As the stalemate drags on, Obama’s chief of staff William Daley braced for “stressful days” ahead for Washington, the US public, and world markets.

Washington hit its debt ceiling on May 16 but has used spending and accounting adjustments, as well as higher-than-expected tax receipts, to continue operating normally. But it can only do so until August 2, according to the White House.

Agence France-Presse
Agence France-Presse
AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.
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