Raising the debt ceiling is not additional spending. It is simply saying, you, the United States of America, can continue to borrow the money you need to pay the bills you have already rung up.

Congress passes bills that appropriate money. Congress says, 'We're building this bridge or funding that defense project, and they cost this much.'

The White House doesn't create jobs. The government together - White House, Congress - creates policies that allow for greater job creation.

And it's important to remember we are all responsible - or certainly the elected members in Washington of both parties are responsible for making decisions and choices to ensure that the economy grows and jobs are created.

But the - look, I think that this - the United States of America is still the most powerful economy in the world. It is an incredible engine for creativity and innovation. And it has the most - smartest, most effective workforce in the world. So we have a lot going for us, in spite of the fractiousness of our politics.

I - it's simply not for me to evaluate an independent rating agency's processes. But I will say that there was reason to be anxious - absolute reason to be anxious.

I think we ought to all take a step back and remember where we were 24, 48 hours ago, a week ago, two weeks ago - the prospect that was hanging out there that America would not honor its obligations for the first time in its history, and the impact that would have on our economy and the global economy.

In fact, I think - our view of this is that while the agreement, the compromise did not achieve the kind of super-sized deficit reduction that we sought, it did end the uncertainty around the perception, the possibility that the United States might default on its obligations for its first time. That was a good thing.

Let me just say that while I personally am very fond of John Boehner, his record of predicting what would happen if certain policies, economic policies were instituted is abysmal, okay?

So our focus has to be on the things that we can control, which is to take the necessary measures working with Congress to ensure that our economy grows, that we create jobs.

The debate we won't be having is whether or not the debt ceiling should be raised. We will not have a situation where people will hold the American economy hostage in order to achieve a specific agenda - at least not until 2013. So we think that is incredibly important as a matter of economic good.

The simple fact of the matter is, as I know everyone in this room knows, that the recession that this country faced when this President took office was the worst since the Great Depression.

We believe that - the President believes that the economy will continue to grow, that the economy will continue to create jobs, and that we need to do everything we can to enhance that growth and enhance that job creation.

We believe that it is very important that we have hopefully averted what would have been the most substantial headwind of all, which is a default for the first time in our history, and that that will contribute to a more positive environment that we hope will allow for greater growth and job creation.