Obama: Uncertainty over debt limit impacts hiring

The president urges congressional action in the wake of a devastating jobs report

Topics: Barack Obama, Debt ceiling,

Obama: Uncertainty over debt limit impacts hiringPresident Barack Obama talks about the ongoing budget negotiations, Thursday, July, 7, 2011, in the briefing room at the White House in Washington. (AP Photo/Pablo Martinez Monsivais)(Credit: AP)

President Barack Obama says the uncertainty over whether lawmakers will raise the nation’s debt limit is keeping businesses from hiring.

Speaking in the Rose Garden, Obama says that once Congress reaches an agreement on the debt ceiling, businesses will have the confidence they need to add workers to their payrolls.

The report out Friday morning showed employers added the fewest jobs in nine months and the unemployment rate rose to 9.2 percent. Congressional Republicans and GOP presidential hopefuls used the dismal report to slam Obama’s economic agenda.

The reports come as Democrats and Republicans near an urgent deadline to increase the nation’s borrowing power and prevent the U.S. from defaulting on its obligations.

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