Barack Obama laughed this morning when NBC's Chuck Todd told the president that Congressman Jim Clyburn compared the debt ceiling to the Emancipation Proclamation:

"As you know Senate Democrats, Harry Reid, sent you a letter, begging you, essentially, to take, consider some sort of executive action on this debt ceiling issue. I know you said you're not negotiating on it. Your administration has ruled out the various ideas that have been out there, the 14th Amendment. But just this morning, one of the House Democratic leaders, Jim Clyburn, asked you to use the 14th Amendment, he even said sometimes that's what it takes. He brought up the Emancipation Proclamation. ... Took executive action when Congress wouldn't act and he compared the debt ceiling to that. Are you considering a Plan B? If not, why not?"

"Well, Chuck, the issue here is whether or not America pays its bills," Obama responded. "We are not a deadbeat nation."

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