Praire2 says it all. Take a look at what he has to say.
"Renaissance Thinking About the Issues of Our Day"
Speech Obama could have given about one month ago ( and that FDR probably would have):
I have been in talks with Republicans who want to link concerns about long term fiscal issues with the matter of raising the debt ceiling.
It has become apparent that not only are they adamant in regard to linking their political agenda to the necessary step of raising of the debt ceiling, but they have basically no interest in genuine discussion or reasonable compromise.
Therefore, I have ended discussions with the Republican leadership and will, if necessary, use the power vested by the fourteenth amendment to the Constitution of the United States - which ensures that the faith and credit of the United States shall be guaranteed - to raise the debt limit and maintain the fiscal prerogatives of the federal government without interruption.
It should be pointed out that the debt ceiling needs to be raised to pay back debts incurred long before I took office. During the tenure of my predecessor, our national debt increased by 4 trillion dollars - over a thousand million dollars every day for eight years.
During that time, the Republican leadership supported the deficit policies that led to the dramatic increase in the national debt - including highly questionable tax breaks for the ultra-rich which diminished revenues and exacerbated deficits. They also were happy to vote to raise the debt ceiling on seven different occasions.
Be assured that if Congress fails to act, I will. The full faith and credit of the United States is not a political football.
My hope is that congress will act, after which we can renew earnest discussions to set policies that will guarantee America’s long term fiscal stability.