Obama On Debt Ceiling: I Won't Negotiate On The Debt Ceiling

The White House is not willing to negotiate with Congressional Republicans over the debt ceiling, said President Obama in a press conference today.

Saying that he sought to reduce the deficit in a “balanced and responsible way,”  the president accused the GOP of protecting “endless corporate loopholes and tax breaks for the wealthiest Americans” rather than tackling the nation’s problems responsibly.

President Obama explained that “the debt ceiling is not a question of authorizing more spending. Raising the debt ceiling is not authorizing more spending,” saying that instead “these are bills that have already been racked up and we need to pay them.”

The President says that “Turns out, the American people agree with me. They listened to an entire year's debate over this issue,” a possible reference to polls indicating the public will side with the president if Republicans take the country through a credit default.

 “America cannot afford another debate with this Congress about whether or not they should pay the bills they've already racked up,” the President said.