President Barack Obama opened the door to a short-term debt ceiling increase in order to avoid going over the fiscal cliff and allow negotiations between the White House and Congress on a long-term deal.
At a White House news conference that lasted over an hour, Obama repeated his position that he will negotiate with Republicans but only after the government is reopened and the debt ceiling is raised. "I'm ready to head up to the Hill and try. I'll even spring for dinner again," he said.
The president also said his administration is exploring "all contingencies" if Congress does not increase the government's borrowing limit by Oct. 17. But he said the consequences of inaction are too great.
"But let me be clear - no option is good in that scenario. There is no silver bullet. There is no magic wand that allows us to wish away the chaos that could result if, for the first time in our history, we don't pay our bills on time," he said.
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