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IPFS News Link • Government Debt & Financing

Goolsbee: ‘First default caused by insanity’ if debt ceiling not raised


President Barack Obama's chief economic adviser warned Sunday that "the impact on the economy would be catastrophic" if Congress fails to raise the debt ceiling.

"This is not a game," Austan Goolsbee, chairman of the White House Council of Economic Advisers, said. "You know, the debt ceiling is not something to toy with."

The government could default on its obligations if it hits the current $14.3 trillion limit on borrowing. Some Republicans are expected to hold the debt ceiling hostage in exchange for tough spending cuts.

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