Debt ceiling increase will be accompanied by spending cuts, Obama tells AP

President Obama told the Associated Press in a Friday morning interview that there will be a compromise on spending cuts to accompany an increase in the debt ceiling in mid-May, but that some questions about cutting government spending can't be undertaken until after the 2012 elections. Following the lead of his advisers, Obama foretold major problems for the U.S. if the debt ceiling isn't increased, including the possibility of pushing the world into another recession. But he was confident that Congress would approve the increase in time, he told the AP.