Obama: I will not negotiate about raising the debt ceiling

AP With
President Obama speaks on Tuesday about progress in the economy since the financial crises began five years ago.
Getty Images

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.

(Read more: Summers' exit eases pressure for budget tradeoffs)

"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.

(Read more: Why government probably can't close rich-poor gap)

Recap of President Obama's speech on economy

Some conservative Republicans say they will only extend current spending levels or increase the debt ceiling if Obama delays putting in place his health care law, a condition Obama has flatly rejected. Others say the scheduled spending cuts should stay in place to reduce the deficit.

The president was flanked by Americans the White House says have benefitted from his administration's economic and banking policies. Those policies, he said, have laid a "new foundation" for economic growth, though he acknowledged that the recovery is not being felt by many middle class Americans.

(Read more: Surprise! SweetObamacare deals for young adults)

Polling show the public is not convinced that the economy is on the mend. Only one-third say the economic system is more secure now than in 2008, and 52 percent say they disapprove of Obama's handling of the economy, according to a Pew Research Center poll.