Deficit Ceiling

Debt ceiling soundbites:

"I think it's absolutely right that it's not going to happen without some spending cuts,"-President Barack Obama

"He realizes now that raising the debt ceiling is so important to the health of this economy and the global economy that it is not a vote that, even when you are protesting an administration's policies, you can play around with."-Presidential Spokesman Jay Carney

"It's true allowing America to default would be irresponsible-But it would be more irresponsible to raise the debt ceiling without simultaneously taking dramatic steps to reduce spending and reform the budget process."- House Speaker John Boehner

"...no lines in the sand"- Senate Democratic Leader Harry Reid

"It's time to reject the debt ceiling scare tactics and address the truly frightening reality that our debt is at $14 trillion and growing," -Republican Representative Michele Bachmann

"To tie [deficit reduction] to the debt limit in my view is quite insane,"- Austan Goolsbee, chairman of U.S. President Barack Obama's Council of Economic Advisers