President Barack Obama warned Congress on Monday that it must raise the debt ceiling or risk a “self-inflicted wound on the economy.” Fed Chairman Ben Bernanke and Treasury Secretary Timothy Geithner also delivered ominous calls for action.

“We’ve got to stop lurching from crisis to crisis to crisis,” Obama told reporters at the White House in the last news conference of his first term.

Hours later, Geithner said in a letter to Congress that even a brief default would be “terribly damaging.” And Bernanke said “we’re not out of the woods yet,” despite the deal to avoid the “fiscal cliff.”

Read more…