President Barack Obama wants to raise the debt limit "without drama or delay," a White House official tells Reuters.
"The President will highlight why it would hurt our economy and our nation's businesses if we do not find a solution to avoid another debt ceiling crisis, and will ask the business leaders for their help in supporting an approach that resolves the debt limit without drama or delay," the anonymous aide tells Reuters.
Republicans fighting the debt limit last go around, according to Reuters, is the reason America's credit was downgraded:
It was the reluctance of congressional Republicans to agree to such an increase in 2011 without deep spending cuts that brought the nation to the brink of default. The result was a historic lowering of the U.S. credit rating and a setback to the recovery from a recession that ended in 2009.
The statutory ceiling on U.S. Treasury borrowing is $16.4 trillion. The nation is expected to hit the legal limit near the year's end, although it can tap emergency measures to stave off a default and keep the government running into early 2013.