President Barack Obama is refusing to accept a piecemeal approach to raising the nation's borrowing limit while kicking the can down the road on reducing the spiraling deficit.
"I've heard reports that maybe some in Congress want to do just enough to make sure America doesn't default in the short term," he said, rejecting the proposition.
Obama spokesman Jay Carney on Tuesday also rejected a short-term increase without a broader compromise on reducing the deficit after the president finished speaking.
Obama doesn't want an agreement that just "kicks the can down the road," Carney said.
He made this very clear this afternoon. I think this was his way of heading off any talks of a short term deal within the next few days. The markets will only stay calm as long as they think the deal is in the works, if it goes too much longer, they will react again.
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