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Oct 2, 4:45 PM EDT

Obama: I won't negotiate over raising US borrowing cap

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WASHINGTON (AP) -- President Barack Obama says he won't give Republicans controlling Congress concessions on must-pass legislation to increase the government's borrowing cap.

Lifting the so-called debt limit is required to forestall a market-quaking, first-ever default on U.S. obligations like interest payments and Social Security benefits.

Obama agreed to spending cuts in exchange for getting a debt limit increase through Congress four years ago but has since refused to negotiate over the issue. Congress last year approved a debt limit increase with sweeping support from Democrats and a handful of Republicans.

Treasury Secretary Jacob Lew informed Congress on Thursday that it needs to act by Nov. 5. That is earlier than most on Capitol Hill has thought and means the issue probably needs to be dealt with before House Speaker John Boehner resigns.

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