President Obama holds press conference - 1/14/13

President Barack Obama on Monday repeated his call for deficit reduction but warned against the potentially catastrophic effect on the economy by tying cuts to raising the debt ceiling.

"While I'm willing to compromise and find common ground over how to reduce our deficit, America cannot afford another debate with this Congress over how to pay the bills they've already racked up," Obama said at a White House press conference. "To even entertain the idea of this happening, of America not paying its bills, is irresponsible. It's absurd."

"They will not collect a ransom in exchange for not crashing the American economy," Obama said. "The full faith and credit of the United States of America is not a bargaining chip."