"We could actually have a reprise of a financial crisis, if we play this too close to the line," Obama told NBC television's "Today Show" program.
"We're going be working hard over the next month. My expectation is we're going get it done in a sensible way. That's what the American people expect."
Obama and congressional Republicans have been engaged in heated wrangling over raising the debt ceiling, with the GOP demanding deep cuts in exchange for any deal to raise the spending limit.