WASHINGTON — As President Obama’s first term winds down, he discussed the continuing battle with Congress over federal spending during his last news conference in Washington Monday.

"America cannot afford another debate with this Congress about whether or not they should pay the bills it’s already racked up," said Obama.

The president says he’s making progress in reducing the deficit by $4 trillion over the next decade. He says while he’s willing to compromise on finding ways to get out of the red, he’s calling on Republicans in Congress to raise the debt ceiling so America can start paying off bills on time.

"The financial well-being of the American people is not leverage to be used. The full faith and credit of the United States of America is not a bargaining chip and they’d better choose quickly because time is running short," said Obama.

Next on the president’s agenda is meeting with Vice President Joe Biden who’s been leading a task force on ways to reduce gun violence. Biden will present a report to the president Tuesday.