Obama Warns On Debt Limit: “We Are Not A Deadbeat Nation”
The president warned Republicans of the consequences of not paying for charges already incurred, and thus the need to raise the debt limit.
“The issue here is whether or not America pays its bills,” Obama said at a press conference on Monday, the last of his first term in office. “We are not a deadbeat nation.”
…And the president sought to frame the risks of default in stark terms. He warned markets would go “haywire” if Congress would not act; Obama said that interest rates would rise, and checks to Social Security beneficiaries and military veterans would cease…
“If the House and the Senate wants to give me the authority so they don’t have to take these tough votes… I’m happy to take it,” he said. But, Obama added: “There are no magic tricks here, no loopholes. There’s no easy way out.”