Earlier today, President Barack Obama held the final White House press conference of his first term, using the opportunity to slam Republicans over the debt ceiling while making yet another call for more tax revenue — despite getting high tax rates on the wealthy in the “fiscal cliff” deal passed at the beginning over the year:
President Obama at a Monday press conference demanded that Congress raise the nation’s $16.4 trillion debt ceiling, saying the country is “not a deadbeat nation.”
Obama said Congress should pay the bills government has already rung up, arguing would be disastrous for the economy — which he said is showing signs of lifting off — to not raise the debt limit.
“It would be a self-inflicted wound on the economy,” he said. “To even entertain the idea of this happening … is irresponsible. It’s absurd.”
The president has insisted he will not negotiate with Republicans over raising the debt ceiling, and gave no sign of wavering on that position. Republicans are demanding steep spending cuts in exchange for raising the debt limit.
“They will not collect a ransom in exchange for not crashing the American economy,” Obama said Monday of Republicans.
“We can’t finish the job of deficit reduction through spending cuts alone,” he said. While open to “modest adjustments” to entitlement programs, Obama said, “we need more revenue through tax reform.”