Now... Obama has announced that he will ignore the debt limit if it is not raised by Congress and raise it by himself. Schumer: "It's certainly worth considering." Obama advisor: there really is no official debt limit so Obama is free to borrow and spend as much as he wants. Reporter: The Constitution is clear that only Congress can spend money or incur debt. Sen Pat Toomey: This is so blatantly unconstitutional I'm amazed Obama is even discussing it. Would create a total constitutional crisis. Developing.