Obama: Not raising debt ceiling is like skipping car payments

Obama personalized the metaphor for the Ford employees, using a hypothetical purchase of a Ford F-150 truck.

"I just want to break this down one more time," he said. "I go into a Ford dealership. I drive off with the new F-150. Unless I paid cash, I still gotta pay for it each month. I can't just say, 'You know, I'm not gonna make my car payment this month.' That's what Congress is threatening to do, just saying, 'I'm not gonna pay the bills.'"

"There are consequences to that," he continued. "The bill collector starts calling you, right? Your credit goes south, and you got all kinds of problems. The same is true for a country. So if we don't raise the debt ceiling, we're deadbeats. If we fail to increase the debt limit, we would send our economy into a tailspin."

Republicans in the House of Representatives have threatened to attempt to tie a repeal of the 2010 health care law that was passed by Obama to any legislation that raises the federal debt ceiling.

The GOP-led chamber voted on Friday to include a provision defunding ObamaCare, as the health care law is colloquially known, to a bill that would provide funding to allow the government to keep running beyond Sept. 30.

Obama accused Republicans of not wanting Americans to have health insurance.

"I don't mind them disagreeing with me," he said. "If they don't like the Affordable Care Act, they would rather have people not have health insurance, you know, I am happy to have that debate with them. But you don't have to threaten to blow the whole thing up just because you don't get your way."

"This is the United States of America," Obama said at another point during his speech. "We are not some banana republic. This is not a deadbeat nation. We don't run out on our tab. We are the world's bedrock investment. The entire world looks to us to make sure the world economy is stable. We can't just not pay our bills. And even threatening something like that is the height of irresponsibility."