Obama to Wall Street: This time be worried - WRCBtv.com | Chattanooga News, Weather & Sports

Obama to Wall Street: This time be worried

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WASHINGTON D.C. (CNBC) - Wall Street needs to be genuinely worried about what is going on in Washington, President Barack Obama told CNBC in a White House interview Wednesday.

While gridlock in D.C. is nothing new, "this time I think Wall Street should be concerned," Obama said.

"When you have a situation in which a faction is willing to default on U.S. obligations, then we are in trouble," Obama said.

In the interview, Obama expressed his exasperation with the tea party faction of the Republican party, saying that their reflexive hostility to "civil" negotiation threatens not only the functioning of government, but the wider health of the economy.

"I am exasperated with the idea that unless I say that 20 million people, 'you can't have health insurance, they will not reopen the government.' That is irresponsible," he said.

In an exclusive interview with CNBC's John Harwood, President Obama admits that while he tries to remain calm, he is upset about his fight with House Republicans because "this is entirely unnecessary." He believes if Speaker John Boehner put a "clean" funding bill up for a vote, it would pass and the government shutdown could end quickly.

"If we get into the habit where one party is allowed to extort, ... then any president who comes after me we be unable to govern effectively," Obama said.

"One thing I know that the American people are tired of, and I have to assume businesses are tired of, is this constant governing from crisis to crisis," Obama said.

Complicating the problem is that there are potential negotiating partners in the GOP, but that the leadership is a prisoner to the tea party minority.

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