Obama: 'We're Not Going to Negotiate Under Threat'

Senate Democrats are planning a last-ditch effort to address the debt ceiling.
2:14 | 10/08/13

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Transcript for Obama: 'We're Not Going to Negotiate Under Threat'
Thanks so much, sam. Brand-new developments this morning on the government shutdown, as new warnings are being sounded about the looming deadline, with the u.S. Default and not able to pay bills. Senate democrats putting together a last-ditch effort right now. Reporter: As the shutdown enters its second week with no end in sight, senate democrats are moving forward with their plan to preventing national default. That sets up a showdown with even higher stakes for our economy. This morning, the social security administration is warning that in just nine days, it will no longer be able to guarantee checks will go out to millions of seniors. Unless congress acts to raise the amount of money the government can borrow. It's called the debt ceiling. With nearly $17 trillion of national debt, if it isn't RAISED BY OCTOBER 17th, THE Federal government will go into default. The administration warns, default could trigger an econic meltdown. President obama is adamant that congress must raise the debt ceiling without any conditions or negotiations. We're not going to negotiate under the threat of economic catastrophe, that economists and CEOs INCREASINGLY WARN WOULD Result if congress chose to default on america's obligations. Reporter: But speaker of the house john boehner says there must be negotiations. The republicans will only raise the debt ceiling if the president agrees to spending cuts. Jay carney attempted a joke. If the speaker of the house sticks to that position, are we going to default? If you're saying if the speaker attaches to the debt ceiling increase, a recognition of the importance of motherhood, we might accept that. I'm trying to be funny. But nobody laughed. I apologize. We're not going to negotiate over congress' responsibility to raise the debt ceiling. Reporter: The public, of course, is increasingly disgusted by what they're seeing going on or not going on in washington. In the latest abc news/"washington post" poll, showed majorities disapproving of the president and both parties in congress. But, george, the biggest disapproval reserved for republicans in congress. 70% disapproval rate. Climbing in the last week. Jon, thanks very much. That's the view from washington.

This transcript has been automatically generated and may not be 100% accurate.

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