WASHINGTON — President Obama on Monday warned Republicans against refusing to raise the nation’s debt ceiling, calling such talk “irresponsible” and “absurd” and saying it would set off an economic crisis and financial hardship. “They will not collect a ransom in exchange for not crashing the American economy. The full faith and credit of the United States of America is not a bargaining chip. America cannot afford another debate with this Congress about whether or not they should pay the bills they’ve already racked up.” So there it is, folks. Obama has drawn his line in the sand. Holding the debt ceiling hostage is the last sliver of leverage the Republicans have left. You can bet they will do it. The U.S. will for the first time default on their debts, their credit rating will be lowered, and the stock market will tank. Just so Boehner and McConnell can try to save face with their core campaign contributors, wealthy Americans, who will not be affected much by the resultant "self-inflicted economic wound."