Congressman says Obama 'lying' over debt ceiling and default

SPRINGFIELD, Ill. (AP) - An Illinois congressman accuses President Barack Obama of “lying” about the impact of not raising the national debt ceiling by Aug. 2. Republican Rep. Joe Walsh says, “President Obama, quit lying,” in a video released Wednesday. He says there is “plenty of money” to pay debt and cover Social Security even if the limit isn’t raised.

Walsh goes on to ask, “Have you no shame, sir?”

Obama says the country will default if Congress doesn’t increase the $14.3 trillion debt limit by then. Republican leaders haven’t disputed that but disagree with Obama on cutting spending to make up for more borrowing authority.

White House spokesmen did not immediately comment.

RELATED: Geithner says "Eyes of the world are on us"
RELATED: Former Senator Simpson: No hope or debt deal
RELATED: Polls show voters favor tax hike in debt deal

Watch the Illinois congressman’s video below: