President Barack Obama warned Wall Street on Wednesday that they should be worried about a government default.
“I think this time is different. I think they should be concerned,” he told CNBC’s John Harwood, given that a faction of the Republican Party appears willing to take the country to a default on its bills in a couple of weeks.
He has urged Wall Street to pressure House Republicans to reopen the government and raise the debt limit, and he said that while he is willing to negotiate anything, he wouldn’t do so until the Republicans agree to reopen the government. He did say that he is happy to negotiate with the GOP on the budget once they do so, but he has repeatedly said that he is not willing to agree to concessions as part of any bill to raise the debt ceiling.
He said Washington has to stop governing from crisis to crisis.
“Do we have to break that fever? Absolutely. We have to stop doing that,” Obama said.
Terri Henderson, 6, center, whose mother is El Salvador, attends a rally with members of Congress at Union Station's Columbus Circle to announce the Restore Opportunity, Strengthen, and Improve the Economy (ROSIE) Act on July 29, 2014. The legislation provides incentives for government contractors to pay a living wage and other benefits that would help low-income workers.