In a news conference Monday morning, Obama again warned that he will not negotiate on raising the debt ceiling, aiming to pin the burden of an unprecedented default on Congressional Republicans.
The government has hit its 16-point-4 trillion dollar borrowing limit, and is expected to run out of ways to meet all of its obligations around March 1st, perhaps earlier.
Republicans want spending cuts in exchange for raising the debt ceiling. Obama said threatening to not raise the debt ceiling was "absurd."
Without an increase, the government would not have enough money to pay interest to debt holders and pay for all government programs.