WASHINGTON — 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 on 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 said 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.