President Barack Obama warned that the nation cannot continue to borrow from China because of the interest on this debt will be passed along to our next generation, according to a Blooomberg.com article. Obama warned that holders of the nation's debt will eventually lose interest in buying it -- resulting in higher rates on everything from home mortgages to auto loans. The President's remarks were made at a town hall meeting near Albuquerque, New Mexico.
Obama also revealed that the "card-check" legislation lacks sufficient backing in the Senate, and that it is likely that there will be compromises necessary to get the bill passed, reports Bloomberg.com.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aJsSb4qtILhg&refer=worldwide
http://www.bloomberg.com/apps/news?pid=20601087&sid=afH8YXIwNoVc&refer=home
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