President Barack Obama says he will negotiate with congressional Republicans only after they agree to reopen the federal government and after they increase the nation's borrowing authority, which is set to hit its limit in mid-October.
Obama says engaging in deal-making now would leave him and other presidents vulnerable to what he calls extortion by opposition parties.
Obama made his remarks Wednesday in an interview with CNBC.
He blamed the current impasse on, quote, "one faction of one party in one chamber."
He said he would be willing to negotiate long-term budget issues, including savings in big spending programs like Medicare and Social Security, but said he would also want to eliminate tax loopholes to generate revenue to pay for some of his education and infrastructure priorities.
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