President Obama has ruled out a new round of talks with Republicans on raising the government’s borrowing limit in return for cuts to government spending. The United States faces a new deadline of potentially defaulting on its debt next month unless the debt ceiling can be increased. Republicans have maintained their stance that any borrowing hike must be offset by slashing government spending. At his White House news conference on Monday, Obama called the Republican demand unacceptable.

President Obama: “Republicans in Congress have two choices here: They can act responsibly and pay America’s bills, or they can act irresponsibly and put America through another economic crisis. But they will not collect a ransom in exchange for not crashing the American economy. The financial well-being of the American people is not leverage to be used. The full faith and credit of the United States of America is not a bargaining chip.”