Blame was placed by the House Republican leadership on US President Barack Obama on Saturday for the latest collapse of a deal to extend the US borrowing authority. This brings the country ever nearer to a debt collapse due to default.

The Republicans met privately on Capitol Hill as the government shutdown runs to its 12th day after a budget dispute and a nearing October 17 deadline for the increase in the debt ceiling.

Earlier, the Republicans recommended a six week extension of the borrowing authority. This is needed to avoid a default on loans by the United States, a first in history should it happen. Despite previous comments on the matter, President Obama said he wanted a long term deal.

Obama said during his weekly address over radio and video, "It wouldn't be wise, as some suggest, to just kick the debt ceiling down the road for a couple of months and flirt with a first ever intentional default right in the middle of the holiday shopping season."

Should the US default on its loans, the damage to the credit rating of the United States, he added, "It would become more expensive for everyone in America to borrow money."