The government is headed for bankruptcy if Congress doesn't pass healthcare reform, President Obama warned today.

"[I]f we don't do this, nobody argues with the fact that health care costs are going to consume the entire federal budget,” Obama told ABC's Charlie Gibson in an interview airing tonight.

Healthcare costs are growing so rapidly that "the federal government will go bankrupt" is drastic steps aren't taken, he added.

“[Healthcare reform] actually provides us the best chance of starting to bend the cost curve on the government expenditures in Medicare and Medicaid," Obama said.

Obama made a similar case in his statement yesterday after meeting with Senate Democrats.

The president also issued a dire warning to individuals worried about their own insurance.

"If we don't pass it, here's the guarantee," he told ABC. "Your premiums will go up, your employers are going to load up more costs on you...Potentially they're going to drop your coverage, because they just can't afford an increase of 25 percent, 30 percent in terms of the costs of providing health care to employees each and every year.”