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In the last press conference of his first term, President Barack Obama reiterated that he would not concede or negotiate over the debt ceiling, telling the American people that Congress has one simple solution; raise the debt ceiling.

According to the Huffington Post:

“We are not a deadbeat nation,” Obama said. “So there’s a very simple solution to this: Congress authorizes us to pay our bills.”

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Obama continued, warning Republicans that he will not allow them to use the debt ceiling as a bargaining chip.

“To even entertain the idea of the United States of America not paying our bills is irresponsible. It’s absurd,” Obama said in a press conference.

He even addressed the Republicans who argued that increasing the nation’s borrowing limit only contributes to the spending problem. 

He repeatedly emphasized that raising the debt ceiling does not authorize any new spending, but simply allows the government to continue to pay for obligations to which Congress has already agreed.

“They will not collect a ransom in exchange for not crashing the economy,” Obama said. “The full faith and credit of the United States economy is not a bargaining chip. And they better choose quickly because time is running short. The last time Republicans in Congress even flirted with this idea, our AAA credit rating was down for the first time in our history.”

Right after the press conference, Republicans weighed in on Obama’s decision.

“The President and his allies need to get serious about spending, and the debt-limit debate is the perfect time for it,” said Senate Minority Leader Mitch McConnell (R-Ky.) in a statement. “I do know that the most important issue confronting the future of our country is our deficit and debt. So we are hoping for a new seriousness on the part of the President with regard to the single biggest issue confronting the country and we look forward to working with him to do something about this huge, huge problem.”

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But what will happen if we don’t raise the debt ceiling? According to President Obama, the following might occur:

  • -A delay in Social Security checks and veterans’ benefits
  • -Inability to pay U.S. troops or honor contracts for small business owners
  • -Investors around the world would question the credibility of the U.S.

What do you think? Are these good enough reasons to raise the debt ceiling?

SOURCE: Huffington Post 

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