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CHICAGO – Failure by legislature to improve the U.S. debt bounds "could plunge the concern frugalness backwards into recession," President Barack Obama proclaimed Friday, and he acknowledged that he staleness cooperation on outlay with Republicans who control the House to avoid such a crisis.

"I conceive it's absolutely correct that it's not feat to happen without whatever outlay cuts," the chair told The Associated Press in an discourse in his hometown, agreeing with House Speaker John Boehner's assessment.

Obama urged swift state to improve the cap on the money the nation crapper borrow, saying he doesn't poverty the United States to intend near to a deadline that would destabilize markets. He said he was overconfident legislature finally would improve the limit.

"We ever have. We module do it again," he said.

The chair also said that he doesn't wait either lateral to intend everything it wants in inadequacy negotiations and that he's actuation for "a sharp cooperation that's serious."

He warned of dreaded consequences if the debt cap is not upraised before it hits its bounds of $14.3 trillion in mid-May. But he said whatever questions most where the polity trims its dealings module hit to be mitt until after the 2012 statesmanly election.

The discourse came a day after the Democratic chair held the prototypal field fundraising events of his re-election campaign, which was launched a week ago. To get a ordinal term, Obama staleness convince a nation pain from obstinately broad unemployment that he deserves more instance to support the frugalness better from a ceding he inherited from martyr W. Bush.

"I conceive the economy's feat to continue to improve, and I conceive that I crapper make an trenchant case ... that not exclusive hit I been healthy to yank this frugalness discover of that hole" but also that he has been healthy to start making owlish basic changes. He spinous to overhauling the health tending system, investing in decent forcefulness and making college more affordable.

"I'm the person who is best prepared for us to closing the job so that we're on road to follow in the 21st century," Obama said.

The 2012 statesmanly vie is the prototypal in which the repast band coalition, which rails against the ontogeny of government, unrestrained outlay and Obama's presidency, module play a field role.

Obama said his views dissent from the repast band in cost of the comely persona of the polity in society, but he also said he welcomes astir public status in democracy.

On the person of the nation's continuing war efforts, Obama refused to estimate how some personnel he would pull discover of Afghanistan this summer, saying he's inactivity for a recommendation from Gen. David Petraeus, who is overseeing the mission.

"I'm overconfident that the retraction module be significant," he said, "a actual impact of transition" and "not a token gesture."

On Libya, Obama said he doesn't look some stepped-up U.S. military role, modify as he conceded that a stalemate exists on the ground. He credited the United States and NATO with averting a "wholesale slaughter" of civilians and said African leader Moammar Gadhafi is under increasing pressure to leave.

The chair said Gadhafi is "getting squeezed in all different kinds of ways," running discover of money and supplies.

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