WASHINGTON (AP) -- President Barack Obama says a failure to increase the government's borrowing authority would effectively shutter the economy.
Obama told reporters at the White House Friday that would have a `profound destabilizing effect' on the U.S. and global economies.
He accused Republicans of "political grandstanding" and said what they really care about is "appeasing the tea party."
The government faces two looming deadlines. One is a potential government shutdown Oct. 1 if Congress doesn't approve a short-term spending bill. The other is a debt limit around Oct. 17 if Congress doesn't increase the government's borrowing authority.
Obama says failure to raise the debt ceiling would be far more dangerous than a government shutdown.
Obama has vowed not to negotiate on the debt ceiling.
One person will win a three-year lease on a 2013 Honda Civic Lx Sedan automatic.
Click to see the latest mugshots, plus this week's wanted fugitives.
This feature packed upgrade brings you faster performance, easier navigation, and stunning improvements to photos, video and readability.
Latest News Stories
On a postcard-perfect Friday, Gov. Rick Scott joined other officials for a boat tour of a $220 million dredging operation that will enable Miami's cargo port to accommodate much bigger ships that soon will pass through a widened Panama Canal.