Much of the money has not been spent! No Congress can force a succeeding Congress to spend money and there is a lot of unspent authorizations in DC.
Obama is wrong that we have already spent the money and the GOP wants to default on the bills. The House should refuse to raise the debt limit unless there is a sensible balanced approach such as one that includes revenues from removing the special interest tax cuts put into the Fiscal Cliff deal and spending cuts from raising the retirement age for Social Security and Medicare.
We have to show a willingness to deal with our debt or our Credit rating will be lowered Again!