Goolsbee: Failure To Raise The Debt Ceiling Would Be 'Catastrophic'

President Barack Obama's chairman of the White House Council of Economic Advisers warned Sunday that that "the impact on the economy would be catastrophic" if Congress fails to raise the debt ceiling. "This is not a game," Austan Goolsbee said.

By David Edwards

01/02/11 09:00 am

called on Republicans to get some "serious concessions" in return for raising the debt limit.

"It is my hope that Republicans won’t vote to raise the debt ceiling unless, in return, Democrats agree to a balanced budget amendment," he wrote.

"I expect the debt ceiling [debate] to be all-out war," Len Burman, a professor at the Maxwell School at Syracuse University, told CNN.

Goolsbee: Failure To Raise The Debt Ceiling Would Be 'Catastrophic'

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