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Portman: Obama 'compelling' on debt ceiling, but spending cuts necessary

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"Think about it in terms of a credit card," Portman said. "If you have a son or daughter who exceeds the limits, what do you do? The first thing you do is probably rip up the card. The second thing you do is say, ‘We need to change our spending habits.’ This is what the president won’t do.”

At a press conference Monday, Obama said the threat of default was "irresponsible" and "absurd," demanding that the House GOP extend the debt ceiling independent of negotiations on a comprehensive debt deal.

“They will not collect a ransom in exchange for not crashing the American economy,” Obama said. “The full faith and credit of the United States of America is not a bargaining chip.”

But Portman said such a step could only be taken alongside spending cuts.

“Yes, we need to raise the debt limit at some point, but we have to do it in the context of getting the spending under control," Portman said.