Speaking on the five-year anniversary of the financial crisis, U.S. President Barack Obama said on Monday that he will not negotiate with lawmakers about raising the U.S. debt ceiling.
In a blistering warning to congressional Republicans, Obama said it would be the "height of irresponsibility" for lawmakers to cause another economic crisis just five years after the collapse of the nation's financial system.
The government has been bumping up against its $16.7 trillion debt ceiling since May.
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"I cannot remember a time when one faction of one party promises economic chaos if it can't get 100 percent of what it wants," Obama said Monday. "That's never happened before."
The president spoke at a White House event pegged to the fifth anniversary of the bankruptcy of Lehman Brothers. The White House used the anniversary to lay out the president's markers for upcoming fiscal fights with Congress over funding the government and raising the nation's debt limit.
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