Bachmann: Democrats Using 'Scare Tactics' on Debt

WASHINGTON — Newly declared Republican presidential candidate Michele Bachmann is accusing the Obama administration of using "scare tactics" to pressure Congress into a deal allowing an increase in the government's borrowing authority.

Bachmann tells CBS's "The Early Show" she can't vote for increasing the debt limit unless it is accompanied by "substantial cuts" in spending.

Asked about a possible default when the current borrowing authority expires Aug. 2, the Minnesota Republican says that isn't a risk because "the interest on the debt could easily be paid."

Bachmann says President Barack Obama once acknowledged he wouldn't deserve a second term if he couldn't turn the economy around by his third year in office. She says his stimulus program was a bust because it failed to create 4 million new jobs, as promised.