21:31 ET<\/span><\/span><\/p>\nThe top US Republican in Congress has warned he will oppose increasing the US government’s ability to borrow funds unless the Obama administration agrees to deep spending cuts.<\/p>\n
Republican House Speaker John Boehner also said the cuts must exceed any boost to the US borrowing limit.<\/p>\n
The move comes less than a week before the US is set to run up against its $14.3 trillion (\u00a38.7tn) debt limit.<\/p>\n
President Barack Obama has said a default could shake global markets.<\/p>\n
“We’re not talking about billions here, we should be talking about cuts in trillions if we’re serious about addressing America’s fiscal problems,” Mr Boehner said on Monday.<\/p>\n
The finance industry is hoping Congress will sign off on a further debt limit increase to avoid a default on US debt payments.<\/p>\n
Treasury Secretary Timothy Geithner said the US will reach its debt ceiling on 16 May, adding that the effects of a default could be “catastrophic” for the global economy.<\/p>\n
In April, the Democratic-led Senate rejected a 2012 budget plan, introduced by Republican Paul Ryan, aimed at cutting $6.2 trillion over the next decade through reductions in health care and social programmes.<\/p>\n
Mr Obama said last month that a compromise with Republicans on spending cuts would be needed to raise the US debt ceiling and avoid a crisis.<\/p>\n<\/div>\n
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