Presidential authority to raise the debt limit in the Constitution

I agree with Bill Clinton that President Obama has authority under the U,S. Constitution to raise the debt limit. Obama's attempts at trying to get the Republican party to agree to any plan to reduce the deficit is a mere courtesy. Rather than deal in good faith with President Obama and the Democratic party, the Republican party will continue to push and raise their demands until time runs out or they find a weakness that they can exploit. The question is: on August 2, will President Obama issue an executive order raising the debt limit?