WASHINGTON (Nexstar) – Unless Congress votes to increase the debt limit, the government would run out of money needed to pay for it’s obligations, as Republicans say they won’t vote to increase the limit unless their demands are met.

Republicans say government spending is out of control and are demanding cuts to government spending in exchange for increasing the debt limit.

On Monday, President Biden slammed House Republicans who say they will block an increase in the debt limit unless their demands are met.

“These guys are fiscally demented, I think. They don’t quite get it,” Biden said.

“When the Republicans say we’re not going to pay our bills, it means we’re not going to pay people who are receiving social security,” Rep. Teresa Fernandez (R-NM) said.

In a letter to lawmakers last week, treasury secretary Janet Yellen warned the U.S. could hit its borrowing limit on Thursday. She said the government has already started implementing extraordinary measures to continue paying its obligations which include Medicare, veterans benefits and military salaries.

House Republicans say they won’t agree to an increase in the debt limit unless government spending is slashed.

“Republicans were largely elected to get control of reckless spending,” Rep. Don Bacon (R-NE) said.

Rep. James Comer (R-KY) added “we hope that the Senate Democrats and Republicans will agree to spending cuts. Look, this has to stop we cannot continue to operate with these types of deficits.”

Democrats say Republicans are playing games and the result could wreak havoc on the entire U.S. economy if the country is unable to continue paying its obligations.

President Biden says he already is decreasing the deficit.

“Guess what? I reduced the deficit last year to $350 billion. And this year the federal deficit is down $1 trillion-plus,” Biden said.

The government needs to increase the debt limit in order to pay for spending that’s already been appropriated and voted on by Congress, it isn’t necessarily to pay for any new or future spending.