President Obama: America is 'not a deadbeat nation'

President Barack Obama has he would be willing to take over authority for raising the borrowing limit, saying the the US is "not a deadbeat nation".

Obama was asked at a news conference about differences he is having with congressional Republicans over raising the $16.4 trillion debt ceiling that the country is expected to hit as soon as the middle of next month.

"This is about paying your bills," he said. "We've got to stop lurching from crisis to crisis to crisis."