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President Obama: GOP 'grandstanding' in budget battle

3:14 PM, Sep 27, 2013   |    comments
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Video: Partial government shutdown vote

President Barack Obama addresses the press in the Brady Briefing Room at the White House September 27, 2013 in Washington, DC. Obama spoke about recent developments with Iran, and also addressed the possible government shutdown currently being debated on Capitol Hill. (Photo by Win McNamee/Getty Images)

WASHINGTON (AP) -- President Barack Obama says a failure to increase the government's borrowing authority would effectively shutter the economy.
    
Obama told reporters at the White House Friday that would have a 'profound destabilizing effect' on the U.S. and global economies.
    
He accused Republicans of "political grandstanding" and said what they really care about is "appeasing the tea party."
    
The government faces two looming deadlines. One is a potential government shutdown Oct. 1 if Congress doesn't approve a short-term spending bill. The other is a debt limit around Oct. 17 if Congress doesn't increase the government's borrowing authority.
    
Obama says failure to raise the debt ceiling would be far more dangerous than a government shutdown.
    
Obama has vowed not to negotiate on the debt ceiling.

Associated Press

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