Article updated: 1/14/2013 4:40 PM

Obama demands quick action to raise debt limit

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President Barack Obama warned Congress against using the debt ceiling as leverage in the spending debate, saying on Monday "markets could go haywire" and government payments, from Social Security checks to military salaries, will be held up if the limit isn't raised.

Associated Press

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President Barack Obama demanded Monday that Congress raise the federal debt limit quickly, warning that "Social Security benefits and veterans' checks will be delayed if they don't," and cautioning Republicans not to insist on concessions in exchange."They will not collect a ransom in exchange for not crashing the economy," he said at the final news conference of his first term.