President Obama, in his weekly address, said that not raising the debt ceiling for the long term and flirting with default would result in a "Republican default tax." He reminded the GOP that "manufacturing crises to extract massive concessions isn't how our democracy works" and that ideas are advanced through "elections and legislation, not extortion." Listen:
OBAMA: ...it wouldn’t be wise, as some suggest, to just kick the debt ceiling can down the road for a couple months, and flirt with a first-ever intentional default right in the middle of the holiday shopping season. Because damage to America’s sterling credit rating wouldn’t just cause global markets to go haywire; it would become more expensive for everyone in America to borrow money. Students paying for college. Newlyweds buying a home. It would amount to a new tax – a Republican default tax – on every family and business in America.