President Obama on Tuesday accused congressional Republicans of mounting an unprecedented attempt to "extort" him, vowing he won't allow a pattern "by which the full faith and credit of the United States becomes a bargaining chip."

Speaking to a group of some of the nation's most powerful corporate executives at the Business Roundtable, Obama said Republicans were pursuing an "ideological fight … that says we're not going to pass a budget and threaten a government shutdown unless we repeal the Affordable Care Act."