WASHINGTON — President Barack Obama will wade into the angry impasse over raising the US government’s borrowing limit next week, hosting meetings with rival Senate Republican and Democratic leaders.

Obama’s intervention follows a Republican walkout from crucial talks on the issue and warnings by top party leaders that they will not accept White House demands to close tax loopholes and hike rates on the wealthiest Americans.

Obama bowing to everyone

The collapse of the talks on Thursday sparked fears that Congress will fail to raise the $14.29 trillion debt ceiling by an August 2 deadline and force the United States into a default which would trigger global economic shockwaves. Obama has already proved that he is completely incompetent with managing the countries massive debt. Obama wants to borrow even more money which is lose lose situation for the future of America. Raising the debt ceiling is like borrowing more money from a loan shark who is just waiting for the moment America defaults on paying the super massive interest. It will be lights out across the nation. Obama has wasted more money then all presidents before him combined and it continues to get worse.

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