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Obama Demands GOP Act to Raise Debt Limit

<h2 class="subtitle" style="margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline; font-size: 18px; line-height: 22px; font-family: arial, sans-serif; color: rgb(153, 153, 153); text-align: left; ">President Obama issued a stern rebuke to Republicans in the last news conference of his first term in office.</h2>

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 warning 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. "The full faith and credit of the United States of America is not a bargaining chip. And they better decide quickly because time is running short."

"We are not a deadbeat nation," he declared.

The president also said he will soon ask Congress to enact new gun legislation in the wake of the shootings a month ago that left 20 elementary students dead in Newtown, Conn. Facing stiff opposition from the National Rifle Association, he conceded lawmakers may not approve everything he asks for.

Among the proposals under consideration are a ban on assault-style weapons and high capacity ammunition magazines. Obama said he would unveil his proposals next week. He was meeting after his news conference with Vice President Joe Biden, his point man in producing gun control measures to present to Congress.

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