President Obama used his weekly address to explain the stakes in the upcoming debt ceiling showdown. He warned the country and Republicans, “(O)ne thing I will not compromise over is whether or not Congress should pay the tab for a bill they’ve already racked up. If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic.”

Obama warned Republicans that we can’t afford to allow them to hold raising the debt ceiling hostage, “We still need to do more to put Americans back to work while also putting this country on a path to pay down its debt. And our economy can’t afford more protracted showdowns or manufactured crises along the way. Because even as our businesses created 2 million new jobs last year – including 168,000 new jobs last month – the messy brinksmanship in Congress made business owners more uncertain and consumers less confident.”

The President pointed out that he is addressing the deficit, “We know there’s a path forward. Last year, I signed into law $1.7 trillion in deficit reduction. This week’s action further reduces the deficit by $737 billion, making it one of the largest deficit reduction bills passed by Congress in over a decade. And I’m willing to do more.”