Obama Won’t Sign A Temporary Debt Ceiling Extension

President Barack Obama told reporters Monday that he will not sign a temporary extension for the debt ceiling if lawmakers fail to reach an agreement by the August 2^nd deadline.

“That is just not an acceptable approach,” Obama said from the White House briefing room. “We might as well do it now. Pull off the band-aid, eat our peas.”

Obama noted that as the election season progresses, a compromise between the two parties will grow less and less politically feasible.

When asked if the administration has any contingency plans if no deal can be made, the President declined to answer, simply stating that an agreement will come before the deadline.

The already tense negotiations appeared to hit another snag over the weekend after a proposal to reduce the deficit by $4 trillion was rejected by Speaker of the House John Boehner (R-Ohio.).

On Monday, the President acknowledged the difficulty facing Boehner.

“The politics that swept him into the Speakership were good for a mid-term election, they’re tough for governing,” Obama said.