As shown on the Jon Stewart show:

From the December 7, 2010 presidential news conference:

Reporter from the National Journal: How will these negotiations [about extending the Bush tax cuts for the richest Americans] affect negotiations or talks with the Republicans about raising the debt limit? Because it would seem that they have a significant amount of leverage over the White House now, going in.

President: When you say it would seem like they would have a significant amount of leverage over the White House, what do you mean?

National Journal Reporter: In the sense that they'll say essentially we're not gonna not agree with [raising the debt limit] unless the White House is willing to agree to significant spending cuts across the board that will probably go deeper and further than what you're willing to do. 

President: Here's my expectation--and I'll take John Boehner at his word--that nobody--Democrat or Republican--is willing to see the full faith and credit of the United States government collapse.

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It is irrational to treat the irrational as if they were rational.