National & World News

Oct 2, 4:45 PM EDT

Obama: I won't negotiate over raising US borrowing cap

Buy AP Photo Reprints
Latest News
President Barack Obama interviews author Marilynne Robinson

Obama: Clinton made mistake; security not endangered

Michelle Obama celebrates International Day of the Girl

Obama gives Kanye West some tips for his presidential run

Queen Latifah, Smokey Robinson to help Obamas celebrate arts

Obama's 2011 State of the Union Address
Obama's 2010 State of the Union Address
Panorama of the State of the Union Address

WASHINGTON (AP) -- President Barack Obama says he won't give Republicans controlling Congress concessions on must-pass legislation to increase the government's borrowing cap.

Lifting the so-called debt limit is required to forestall a market-quaking, first-ever default on U.S. obligations like interest payments and Social Security benefits.

Obama agreed to spending cuts in exchange for getting a debt limit increase through Congress four years ago but has since refused to negotiate over the issue. Congress last year approved a debt limit increase with sweeping support from Democrats and a handful of Republicans.

Treasury Secretary Jacob Lew informed Congress on Thursday that it needs to act by Nov. 5. That is earlier than most on Capitol Hill has thought and means the issue probably needs to be dealt with before House Speaker John Boehner resigns.

© 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.