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Obama: Debt ceiling breach far worse than government shutdown, would effectively shutter economy

WASHINGTON — President Barack Obama says a failure to increase the government’s borrowing authority would effectively shutter the economy.

Obama told reporters at the White House today that would have a ‘profound destabilizing effect’ on the U.S. and global economies.

He accused Republicans of “political grandstanding” and said what they really care about is “appeasing the tea party.”

RELATED: Click here to see Obama's remarks in their entirety

The government faces two looming deadlines. One is a potential government shutdown Oct. 1 if Congress doesn’t approve a short-term spending bill. The other is a debt limit around Oct. 17 if Congress doesn’t increase the government’s borrowing authority.

Obama says failure to raise the debt ceiling would be far more dangerous than a government shutdown.

Obama has vowed not to negotiate on the debt ceiling.

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