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Title: Goolsbee: ‘First Default Caused By Insanity’ If Debt Ceiling Not Raised
Source:
RawStory
URL Source: http://www.rawstory.com/rs/2011/01/ ... default-insanity-debt-ceiling/
Published: Jan 2, 2011
Author: David Edwards
Post Date: 2011-01-02 13:45:54 by Brian S
Keywords: None
Views: 2465
Comments: 10
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. "If we hit the debt ceiling, that's essentially defaulting on our obligations, which is totally unprecedented in American history," Goolsbee predicted. "The impact on the economy would be catastrophic. That would be a worse financial economic crisis than anything we saw in 2008." "As I say that's not a game. I don't see why anybody's talking about playing chicken with the debt ceiling. 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." "There would be no reason for us to default other than that would be some kind of game. We shouldn't even be discussing that. People will get the wrong idea. The United States is not in danger of default," he added. Ohio's former Republican Secretary of State has 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. This video is from ABC's This Week, broadcast Jan. 2, 2010.
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#1. To: Brian S (#0)
(Edited)
Yes D&R deficit spending is insane. KNOCK IT OFF! Even more insane, is that voters continue to elect their government officials from the two-in-one D&R crime family.
a lot of the tea party folks are setting a line in the sand over raising the debt ceiling, but given Badeye has predicted it won't get raised, I'm 100% certain that it will be raised.
That makes sense. And he's more likely to be chopping a line in his Hummer than he is to be right on a prediction.
The real 'fun' starts this week, indeed!
Never swear "allegiance" to anything other than the 'right to change your mind'!
Sounds like a plan. I'm going to max out my credit cards first thing tomorrow and then call the credit card companies and tell them they're insane if they don't raise my limit.
Better than sucking on hummers, Gerbil.
Your sexual fantasies are not interesting to hear about. Please slurp in private.
What is it with these LP closet homos that makes them think the rest of us are interested in their private lives?
Especially one of the nastiest racists on that Ship of Fools forum with it's insane owner who obsesses about Obama's private parts with a relish that she has only shown in past years about former Prez Willy's willy.
It's your sex lives we're interested in. Do you fellas take turns being the "girl", or is one of you always the fudgepacker & the other always the fudgepackee?
the first default in history caused purely by insanity
#2. To: Brian S (#0)
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#3. To: go65 (#2)
"a lot of the tea party folks are setting a line in the sand over raising the debt ceiling, but given Badeye has predicted it won't get raised, I'm 100% certain that it will be raised."
#4. To: go65 (#2)
#5. To: Brian S (#0)
Goolsbee: ‘First Default Caused By Insanity’ If Debt Ceiling Not Raised
#6. To: Gerbil Mike (#3)
And he's more likely to be chopping a line in his Hummer
#7. To: Happy Quanzaa (#6)
#8. To: Ferret Mike (#7)
#9. To: Skip Intro (#8)
#10. To: Skippy Gerbil (#8)
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