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US Debt Limit Fight Would Be ‘Catastrophic’: White House
Posted By admin On January 3, 2011 @ 10:02 am In Money Watch | Comments Disabled
Jan 3, 2011
A top aide to President Barack Obama warned of catastrophic consequences if Republicans follow through on threats to reject an increase in the nation’s borrowing limit.
Republicans, who will take control of the House of Representatives this week, are demanding spending cuts to curb the $1.3 trillion budget deficit and several have said they would oppose a higher debt ceiling if Obama does not agree to a range of painful cuts.
White House economic adviser Austan Goolsbee accused Republicans of “playing chicken” with the nation’s financial credibility.
“This is not a game. You know, the debt ceiling … is not something to toy with,” Goolsbee told the ABC News program “This Week.” “If we hit the debt ceiling, that’s … essentially defaulting on our obligations, which is totally unprecedented in American history.”
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URL to article: http://www.prisonplanet.com/us-debt-limit-fight-would-be-catastrophic-white-house.html
URLs in this post:
 Reuters: http://www.cnbc.com/id/40885372
 Rep. Ron Paul: House Republicans would be “foolish” to accept debt limit deal: http://www.prisonplanet.com/rep-ron-paul-house-republicans-would-be-%e2%80%9cfoolish%e2%80%9d-to-accept-debt-limit-deal.html
 In Reversal, House G.O.P. Agrees to Lift Debt Limit: http://www.prisonplanet.com/in-reversal-house-g-o-p-agrees-to-lift-debt-limit.html
 House rejects debt ceiling bill in ‘political charade’: http://www.prisonplanet.com/house-rejects-debt-ceiling-bill-in-%e2%80%98political-charade%e2%80%99.html
 White House Defends Obama’s Senate Vote against Raising Debt Ceiling But Warns of Catastrophe If GOP Doesn’t Raise Debt Ceiling: http://www.prisonplanet.com/white-house-defends-obama%e2%80%99s-senate-vote-against-raising-debt-ceiling-but-warns-of-catastrophe-if-gop-doesn%e2%80%99t-raise-debt-ceiling.html
 Obama Taps Goolsbee as Top White House Economist: http://www.prisonplanet.com/obama-taps-goolsbee-as-top-white-house-economist.html
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