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.
