Obama Says Debt Ceiling is Not Negotiable

President Obama repeated his call for deficit reduction at a press conference “but warned against the potentially catastrophic effect on the economy by tying cuts to raising the debt ceiling,” Politico reports.

Said Obama: “While I’m willing to compromise and find common ground over how to reduce our deficit, America cannot afford another debate with this Congress over how to pay the bills they’ve already racked up. To even entertain the idea of this happening, of America not paying its bills, is irresponsible. It’s absurd.”

He added: “They will not collect a ransom in exchange for not crashing the American economy. The full faith and credit of the United States of America is not a bargaining chip.”