U.S. Rep. Michele Bachmann
U.S. Rep. Michele Bachmann (R-MN) addresses her hometown crowd at an event the day before the official announcement of her entering the 2012 presidential race, in Waterloo, Iowa June 26, 2011. Conservative firebrand Bachmann will test the limits of how far a favorite of the Tea Party movement can go when she formally launches her campaign for the 2012 Republican presidential nomination on Monday. REUTERS

Presidential hopeful Rep. Michele Bachmann released her first presidential campaign ad in which she said she won't vote to increase the debt ceiling.

We can keep spending money that we don't have, Bachmann said. I will not vote to increase the debt ceiling.

The government's borrowing authority expires Aug. 2 . Congress has until that date to raise the $14.3 trillion government debt ceiling to prevent a government shutdown.

During a Twitter town hall on Wednesday, President Barack Obama said everything is on the table. That includes entitlement programs, Social Security and Medicare, USA Today reported.

The USA Today articles state that Obama will continue to push a framework he outlined in April, calling for about $4 trillion in cuts over the next 10-to-12 years.

We need to look at entitlements, and we have to say, how do we protect and preserve Medicare and Social Security for not just this generation but also future generations, Obama said according to the USA Today article. And that's going to require some modifications, even as we maintain its basic structure.

Both Democrats and Republicans want an increase in the ceiling coupled with steps to bring the trillion-dollar deficits under control, but finding a compromise along these lines seems hard to come by, Reuters reported.

Obama has said he wants to increase government revenue by closing unfair tax loopholes and tax breaks benefiting already-wealthy Americans like oil magnates, private plane owners, and hedge fund managers, according to the USA Today article.

Republicans have said they won't support a debt ceiling increase without spending cuts.

House Speaker John Boehner and fellow Republicans have said any package that includes tax increases stands no chance of passing the Republican-controlled House. Senate Republicans threaten to block the measure if it includes tax increases.

Republican House Majority Leader Eric Cantor has said Republicans aren't blocking an agreement. Cantor told NBC's Today show that special interest loopholes in the tax code are never good for growth, The Associated Press reported.

If congressional leaders come to an agreement with Obama, it must be approved the House and Senate.

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