Obama to CEOs: Washington 'locked up' in a stalemate
Washington is stuck in a stalemate over budgets, debt and health-care costs, leaving government unable to function properly, President Barack Obama told a gathering of CEOs on Wednesday.
Obama's comments came less than an hour after the Republican leadership in the House of Representatives said it would tie a government funding measure to the ongoing effort to defund the Obamacare health care reforms.
(Read more: House Republicans plan to defund Obamacare: Boehner)
"I have responsibilities ... not just to the current generation but to future generations," Obama said. "We're not going to set up a situation where the full faith and credit of the U.S. is put on the table every year or year-and-a-half and we go through some kind of terrifying financial brinksmanship."
Obama also implored the CEOs to use their influence to try and help restore what he called "regular order" to Washington.
Earlier, Speaker John Boehner said House Republicans will pass a budget bill this week that withholds funding for Obamacare, setting up a showdown that could push the government toward a partial shutdown at the end of the month.
The GOP effort stands little chance in the Democratic-controlled Senate. Funding to operate the federal government runs out at the end of September.
House Majority Leader Eric Cantor, R-Va., said the House will also push to delay the health care law for a year as part of a plan to extend the government's ability to borrow. He said debt ceiling talks will include a path forward on tax reform and approval of the Keystone XL pipeline.
Boehner said the coming debate over raising the $16.7 trillion U.S. borrowing cap would be "no different" than the party's effort in 2011 to link a debt limit hike to federal spending cuts.
(Read more: Democrats bail on Obama)
—By CNBC.com with wires.