President Barack Obama on Tuesday said that raising the debt ceiling would not add to the nation’s debt.
“We have been hearing that from some Republicans in Congress that default would not be a big deal,” Obama said at a press conference from the White House. “So let me explain this. If Congress refuses to raise what’s called the debt ceiling, America would not be able to meet all of our financial obligations for the first time in 225 years. And because it’s called raising the debt ceiling, I think a lot of Americans think it’s raising our debt. It is not raising our debt. It does not add a dime to our debt.”
Obama explained that raising the debt ceiling would allow Congress to pay for what Congress has “already authorized America to purchase,” be it military expenses, veterans benefits, or social security.