Obama Urges Debt Limit Increase: 'We Are Not A Deadbeat Nation'

Obama Urges Debt Limit Increase: 'We Are Not A Deadbeat Nation'

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President Barack Obama called on congressional Republicans to raise the debt ceiling so the country can pay its bills.

During a news conference Monday morning, the president outlined the progress that has been made in reducing the nation's deficit through spending cuts and closing tax loopholes on wealthy Americans.

Obama, however, also explained that raising the debt ceiling only allows the country to pay bills it already owes, and he warned of dire economic consequences if Congress fails to act.

"We are not a deadbeat nation," the president said at one point.

Republicans are demanding dollar-to-dollar spending cuts in exchange for raising the debt ceiling.

This was the president's last brief before he starts his second term next week.

He also spoke about extending the Bush tax cuts and the budget negotiations that nearly sent us over the fiscal cliff.

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