Debt Ceiling; White House Says It’s Up to Congressional Republicans to Resolve Limits on Borrowing

WH to Congress: Don't Use Debt Limit To Hold up Economy (CBS News)

Ahead of a series of economic speeches President Obama plans to deliver this week, the White House on Monday warned Congress that it can't hold up the economy by once again threatening to let the nation default on its loans.

"I think that the president believes that Republican leaders in general and Republicans in general do not want to see the nation go down that path again," White House spokesman Jay Carney told reporters. "But it requires leadership to ensure that minorities of minorities or -- minorities of majorities -- don't bring about an unforeseen result. But this is up to Congress to resolve. Again, it is not something that should be negotiated. That is the responsibility of Congress to pay the bills that it's already racked up."

The federal government is expected to hit its borrowing limit sometime this fall -- the ceiling was expected to be hit a few months earlier, but shrinking deficits have delayed it.