President Barack Obama said on Monday that there would be no deal regarding raising the U.S. government's debt limit if Republicans chose not to compromise, and he said that he would not sign a short-term extension - raising the stakes on volatile negotiations with the clock ticking toward the Aug. 2 deadline. There is not that much time left.
The president warned that failure to reach agreement could wind up creating another recession and throw millions of Americans out of work, painting a picture of catastrophe if a partisan stalemate isn't broken and Congress fails to act. Financial markets could also be thrown into turmoil.
"I don't see a path to a deal if they don't budge. Period," the president said in a challenge to his political opponents, accusing Republicans of having a "my way or the highway" attitude.
When asked whether or not he'd veto legislation temporarily increasing the debt ceiling, the president said: "I will not sign a 30-day, or 60-day, or 90-day extension."
The president spoke at a White House news conference the morning after convening a rare Sunday meeting with lawmakers in the White House Cabinet Room, where he continued to push for a "grand bargain" in the range of $4 trillion worth of deficit cuts over the coming decade. That developed into Republicans' refusal to raise taxes.
Obama conceded that House Speaker John Boehner, who pulled his support for a large-scale deal over the weekend, faced a possible revolt by his caucus, and suggested Republicans should take a political risk - as the Democratic president said he is ready to do.
"I am prepared to take on significant heat from my party to get something done," Obama said, contending he has "bent over backward" to work with Republicans.
The president warned that failure to reach agreement could wind up creating another recession and throw millions of Americans out of work, painting a picture of catastrophe if a partisan stalemate isn't broken and Congress fails to act. Financial markets could also be thrown into turmoil.
"I don't see a path to a deal if they don't budge. Period," the president said in a challenge to his political opponents, accusing Republicans of having a "my way or the highway" attitude.
When asked whether or not he'd veto legislation temporarily increasing the debt ceiling, the president said: "I will not sign a 30-day, or 60-day, or 90-day extension."
The president spoke at a White House news conference the morning after convening a rare Sunday meeting with lawmakers in the White House Cabinet Room, where he continued to push for a "grand bargain" in the range of $4 trillion worth of deficit cuts over the coming decade. That developed into Republicans' refusal to raise taxes.
Obama conceded that House Speaker John Boehner, who pulled his support for a large-scale deal over the weekend, faced a possible revolt by his caucus, and suggested Republicans should take a political risk - as the Democratic president said he is ready to do.
"I am prepared to take on significant heat from my party to get something done," Obama said, contending he has "bent over backward" to work with Republicans.
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