In his State of the Union address, President Obama urged Congress not to use the debt ceiling to create another "manufactured crisis."

"The greatest nation on Earth cannot keep conducting its business by drifting from one manufactured crisis to the next.

Let’s agree, right here, right now, to keep the people’s government open, pay our bills on time, and always uphold the full faith and credit of the United States of America. The American people have worked too hard, for too long, rebuilding from one crisis to see their elected officials cause another.

Now, most of us agree that a plan to reduce the deficit must be part of our agenda. But let’s be clear: deficit reduction alone is not an economic plan. A growing economy that creates good, middle-class jobs – that must be the North Star that guides our efforts."