A lack of leadership from Obama, whose party has failed to establish a national budget for years, is the reason the nation is in the "crisis," he said.

WND Managing Editor David Kupelian has explained in a commentary Obama's comments that the government might not have enough "in the coffers" to mail Social Security checks on Aug. 3 amount to little more than extortion.

"Obama is threatening to withhold old people's Social Security checks if he doesn't get his way in the current extortion – I mean, negotiation," he wrote.

He cited the comments from Obama who, when asked if he could assure that Social Security checks due to be sent Aug. 3, still would be sent if the debt ceiling increase he wants isn't granted by Aug. 2, said, "I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it."

However, Kupelian quoted investment adviser Kurt Brouwer, who wrote in Marketwatch that that simply isn't reality.

Krouwer explained that the U.S. Treasury needs to pay about $15 billion to $20 billion in any given month in interest on debt. But the government takes in about $200 billion a month.

"Ask yourself, what government expenditures do Americans consider most important? To most people, paying our current Social Security recipients, just like paying our troops, would be pretty darn near the top of the list, right?" Kupelian wrote. "Well above, say, some of the 'economic stimulus' projects like the 'eco-passage' in Florida to protect turtles from being run over by cars, or the skylights in Montana's state-run liquor warehouse, or the removal of crickets in Utah, or the removal of tattoos from gang members in California, or the very important 'swine odor research' in Iowa.

"There is enough money," he wrote. "There's just not enough money to pay our rightful obligations and maintain an insanely large, cancerous government."

Joseph Farah, CEO of WND and the organizer of the grass-roots "No More Red Ink" campaign, which is lobbying to simply cut off the government's credit card, said the House Republicans have it within their control to simply stop the borrowing and force the federal government to reduce spending.

"The only reason to raise the debt limit is to continue business as usual in Washington," said Farah. "There is no necessity to do it. The prudent and responsible move would be to run the government with the trillions in revenues it takes in. No individual, no business and no state or local government can just keep borrowing to justify uncontrolled spending. It's time the federal government starts operating like the rest of us do."

In recent weeks, a number of high-profile commentators also have come out in favor of simply calling a halt to the borrowing – estimated at some $5 trillion since Obama took office.

Radio host Michael Savage blasted House Republicans for even considering allowing the Obama administration to pile up more debt.

"Where did all the 'fiscal conservatives' go?" Savage asked in a recent email to WND. "Of course we should not extend the debt limit! What kind of insanity is this?

"If a family is broke and dependent on loans," Savage continued, "what bank would extend a new credit line until the family 1) sold assets; 2) worked out a repayment plan for existing loans? We will become a bigger 'banana republic,' like Argentina 20 years ago, if we increase our national debt."

Rush Limbaugh also has hammered the idea of a debt-ceiling hike.

Members of the media who would like to interview Joseph Farah about this story can email media@wnd.com.