Top White House economic advisor Austan Goolsbee warned Sunday that a congressional failure to rise the nation's debt limit early this year would be "catastrophic."
"It pains me that we would even be talking about this," Goolsbee told ABC's "This Week."
"This is not a game. You know, the debt ceiling is not something to toy with. … If we hit the debt ceiling, that's essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic. I mean, that would be a worse financial economic crisis than anything we saw in 2008."
..."If we get to the point where you've damaged the full faith and credit of the United States, that would be the first default in history caused purely by insanity," he said.
Sacramento area community musical theater (esp. DMTC in Davis, 2000-2020); Liberal politics; Meteorology; "Breaking Bad," "Better Call Saul," and Albuquerque movie filming locations; New Mexico and California arcana, and general weirdness.
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Monday, January 03, 2011
Egging The Insane GOP On
The responsible side of me that says we must all act responsibly for posterity and rather likes currently-high stock prices says "don't do it!", but the devilish side of me that wants to see the GOP destroy the world and get 100% of the blame for it too says "please proceed!":
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