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Obama: US 'not a deadbeat nation'

President Obama at a Monday press conference demanded that Congress raise the nation’s $16.4 trillion debt ceiling, saying the country is “not a deadbeat nation.”


Obama said Congress should pay the bills government has already rung up, arguing it would be disastrous for the economy — which he said is showing signs of lifting off — to not raise the debt limit.

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“It would be a self-inflicted wound on the economy,” he said. “To even entertain the idea of this happening ... is irresponsible. It's absurd.”

The president has insisted he will not negotiate with Republicans over raising the debt ceiling, and gave no sign of wavering on that position. Republicans are demanding steep spending cuts in exchange for raising the debt limit.

“They will not collect a ransom in exchange for not crashing the American economy,” Obama said Monday of Republicans.

For more on the president's remarks, click here.