Obama warns of crisis unless debt ceiling is raised

WASHINGTON—President Barack Obama Monday warned of a new economic crisis and said global stock markets would go “haywire” unless Republicans in Congress agree to raise the US sovereign debt ceiling.

“To even entertain the idea of this happening, of the United States of America not paying its bills, it is irresponsible, it is absurd,” Obama said, in a press conference marking the end of his first White House term.