As a new political showdown looms over the economy following a defused budget row last week, aides also said that President Barack Obama now realized his vote as a senator against raising the debt ceiling in 2006 was a mistake.
"The consequences ... of failure to raise the debt ceiling would be Armageddon-like in terms of the economy," said White House spokesman Jay Carney.
Congress must raise the US debt limit, or the maximum amount the Treasury is allowed to borrow, by May 16 or see the United States default on interest payments of its debt.
But the move has become embroiled in fiercely partisan battles over the economy and spending.
Carney warned that the result of failing to raise the debt ceiling were so grave, it would be irresponsible for politicians to exploit the drama for political gain.
"We don't need to pay chicken with our economy by raising the debt ceiling," said Carney.