"Think about it this way, the American people do not get to demand a ransom for doing their jobs. You don't get a chance to call your bank and say I'm not going to pay my mortgage this month unless you throw in a new car and an Xbox. If you're in negotiations around buying somebody's house, you don't get to say, well, let's talk about the price I'm going to pay, and if you don't give the price then I'm going to burn down your house. That's not how negotiations work. That's not how it happens in business. That's not how it happens in private life," the president said according to a full transcript posted by The Washington Post.
As the fight over raising the federal debt ceiling and ObamaCare continue, the president said he is very willing to discuss "anything" with members of the Republican party.
But he added, "having such a conversation, talks, negotiations shouldn't require hanging the threats of a government shutdown or economic chaos over the heads of the American people."
The president said it is not only he who has opened the door to the GOP.
"Senate Democrats have asked to sit down with House Republicans and hash out a budget but have been rejected by the House Republicans 19 times," he said, according to the transcript.
Obama also warned if Congress refuses to raise the debt ceiling, America would not be able to meet its financial obligations for the first time in 225 years. The president also outlined his definition of the debt ceiling.
"And because it's called raising the debt ceiling, I think a lot of Americans think it's raising our debt. It is not raising our debt. This does not add a dime to our debt. It simply says you pay for what Congress has already authorized America to purchase, whether that's the greatest military in the world or veterans' benefits or Social Security," he continued, according to the transcript.
The president blamed the current crisis on Tea Party Republicans and said actually permitting a default -- if it came to that -- would be "insane, catastrophic, chaos."
He also warned that in a government shutdown, "millions of Americans face inconvenience or outright hardship. In an economic shutdown, every American could see their 401(k)s and home values fall, borrowing cost for mortgages and student loans rise, and there would be a significant risk of a very deep recession at a time when we're still climbing our way out of the worst recession in our lifetimes.
"You know, the American people have already fought too hard and too long to come back from one crisis, only to see a handful of more extreme Republicans in the House of Representatives precipitate another one."
Following the president's speech, House Speaker John Boehner (R) promised there would be negotiation.
”This isn’t about me, and it’s frankly not about
Republicans. This is about saving the future for our kids and our
grandkids. The long and short of it is there is going be a negotiation here,” Boehner was quoted as saying in The Washington Post.
Click here to read the president's full speech. What are your thoughts?