Treasury Secretary Timothy Geithner last week said the government would exhaust its $16.4 trillion borrowing limit on Monday, forcing him to buy time with “extraordinary measures” that prevent default. 

“I’m not going to vote to raise the debt ceiling unless we agree to reducing spending,” Graham said. “So round two is coming, and we’re going to have one hell of a contest about what this country needs.”

Graham criticized Obama for holding a press conference Monday where he chided Republicans while supporters cheered onstage behind him. 

The senator said he hopes the next time the president appears in public, it is with a bipartisan group of lawmakers standing behind him, applauding a deal to reduce spending.