Obama Says Failure to Raise Debt Ceiling Will Shutter Economy

Accuses Republicans of grandstanding

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 Friday 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."