Obama demands quick action to raise debt limit

President Barack Obama demanded today that lawmakers raise the nation’s $16.4 trillion federal debt limit quickly, warning that “Social Security benefits and veterans’ checks will be delayed” if they don’t and cautioning Republicans not to insist on cuts to government spending in exchange. “They will not collect a ransom in exchange for not crashing the economy,” says Obama, who made the remarks at the 21st and final news conference of his first term. “The full faith and credit of the United States of America is not a bargaining chip. And they better decide quickly because time is running short.” Within minutes of Obama’s remarks, Senate Republican leader Mitch McConnell of Kentucky responded by saying the president and his allies in Congress need to get serious about spending and that the debt-limit debate is the perfect time for it. House Speaker John Boehner, an Ohio Republican, also released a statement, saying: “The American people do not support raising the debt ceiling without reducing government spending at the same time. The House will do its job and pass responsible legislation that controls spending, meets our nation’s obligations and keeps the government running, and we will insist that the Democratic majority in Washington do the same.” The Associated Press has more details on Obama’s news conference and additional reaction from the GOP here.