Portman: Obama 'compelling' on debt ceiling, but spending cuts necessary

Sen. Rob Portman (R-Ohio) said Tuesday that while President Obama may have sounded "compelling" as he urged House Republicans to raise the debt ceiling, the president fundamentally misunderstood the need for dramatic budget change.

“It is a compelling message saying we need to pay the bills that we’ve racked up. But it misses the whole point," Portman told Fox News. 

The Ohio lawmaker went on to compare the $16.4 trillion debt ceiling to credit card debt, equating Obama's stated unwillingness to bargain over an extension to a free-spending teenager.

"Think about it in terms of a credit card," Portman said. "If you have a son or daughter who exceeds the limits, what do you do? The first thing you do is probably rip up the card. The second thing you do is say, ‘We need to change our spending habits.’ This is what the president won’t do.” At a press conference Monday, Obama said the threat of default was "irresponsible" and "absurd," demanding that the House GOP extend the debt ceiling separate of negotiations on a comprehensive debt deal.

“They will not collect a ransom in exchange for not crashing the American economy,” Obama said. “The full faith and credit of the United States of America is not a bargaining chip.”

But Portman said such a step could only be taken alongside spending cuts.

“Yes, we need to raise the debt limit at some point, but we have to do it in the context of getting the spending under control," Portman said.

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