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Obama's refusal to negotiate on debt ceiling: Smart or risky? (+video)

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(Read caption) Obama: America is 'not a deadbeat nation'
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With the wacky trillion-dollar-platinum-coin idea now officially off the table, Washington is back to its never-ending game of chicken over the debt ceiling.

President Obama has not budged from his stark line in the sand: When it comes to the debt ceiling, he will not negotiate. Period.

In a press conference Monday, he reiterated this position, stating: "Republicans in Congress have two choices here. They can act responsibly and pay America's bills. Or they can act irresponsibly and put America through another economic crisis. But they will not collect a ransom in exchange for not crashing the American economy." 

Mr. Obama made clear – as he did during the 2011 debt-ceiling crisis – that raising the debt ceiling "does not authorize more spending; it simply allows the country to pay for spending that Congress has already committed to." The difference this time around, however, is that while Obama says he's ready to have a "vigorous debate" on debt reduction, he also says that debate must be separate from Congress taking action on the debt ceiling. And if Republicans decide to block such an action, the consequences will be all on them.

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