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Spending battle mounts as Obama's first term nears end

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    President gives press conference on debt

  • Duration 3:07
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Good evening I'm -- -- President Obama declares the financial health of the American people is not a bargaining chip.

The president is warning against the prospect of what he called Republicans holding the economy hostage.

Of the debt ceiling.

It was the primary focus of the last news conference of his first term we have fox team coverage tonight senior political analyst Brit -- we'll have analysis of that event.

Of course -- -- and tells about one of the other big topics today gun control.

But we begin with White House correspondent Wendell Goler on the decidedly partisan tone over the debt through -- Evening -- the party that doesn't control the White House is rarely happy about raising the debt ceiling but it's only in recent years.

There's been a genuine threat not to do so.

Raising the nation's debt ceiling the president told reporters is a necessity caused by spending in the past but not something betrayed by congress for spending cuts in the future.

They can act responsibly and pay.

Americas -- Where they can act irresponsibly and put America through another economic crisis.

But they will not collect from.

Ransom in exchange for not -- the American economy.

Treasury Secretary Geithner says accounting maneuvers could let us hold out until March.

Mr.

Obama suggested he's prepared to hold out longer do like prioritizing what bills of the government pay -- Social Security checks and veterans benefits.

Will be the way.

We might not be able to pay our troops.

For -- our contracts with small business source Republicans reacted swiftly.

House speaker John Boehner said and a written statement quote.

The consequences of failing to increase the debt ceiling -- real but so too are the consequences of allowing our spending problem to go one resolved.

Republicans challenge the notion that going through the debt ceiling and that requires the -- At the -- is what happens.

If we don't pay the interest as it accrues on our national debt that's not going to happen we have more than enough revenue coming in each month.

To cover that some congress also must avoid a series of spending cuts to kick in March 1 and it must refund most government programs by the end of that month.

It's an economic perfect storm.

The congressman Lee says it comes at the perfect time to get our fiscal house in order were to face another credit rating downgrade I fear if we just.

Raise it reflexively again without changing the way that Washington spends money.

And more importantly the way Washington borrows money to mr.

Obama was asked to -- warmer personal relationship with congressional Republicans might make governing more efficient.

-- -- a 2011 golf match with speaker Boehner didn't help the debt talks that year after an inviting lawmakers to the annual White House basically it doesn't seem to help either good dozen.

Remember your -- under the for a thousand.

You know blasting me for being here.

Big spending socialist.

The president has excused his 2006 senate vote against raising the debt ceiling by noting.

There was no danger the -- what actually failed then but he also.

Called the need to raise the debt ceiling -- a failure of leadership that shifted the burden onto the backs of our children and grandchildren -- On the -- a lot of north long Wendell thank you.

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