Adviser: Debt ceiling must be raised
January 2nd, 2011
12:50 PM ET
12 years ago

Adviser: Debt ceiling must be raised

Washington (CNN) - If Congress does not raise the debt ceiling, the result could be "catastrophic" for the American economy, Austan Goolsbee, chairman of the Council for Economic Advisers, said Sunday.

Speaking on ABC's "This Week," Goolsbee said that the debt ceiling was not something to toy with for political ends.


Filed under: Austan Goolsbee • Debt
soundoff (8 Responses)
  1. Derek Balling

    I wonder if the debt "ceiling" will ever actually be a ceiling... or if they'll just keep raising it every time they want to sink our country further into debt.

    And if that's the plan, why have a ceiling at all, just say "The National Debt is officially a Centurion Card, with no spending limit."

    January 2, 2011 01:21 pm at 1:21 pm |
  2. Oy Vey Az

    Raise the bridge ... and ... lower the water ? Higher debt ... and ... lowered taxes ? Roll the presses !

    January 2, 2011 01:35 pm at 1:35 pm |
  3. Wire Palladin, S. F.

    A catastrophic event is what the republicans have been praying for. So look for the republicans to cause a government shut down and a global economic meltdown. Maybe when the republican congressmen don't get a paycheck, they will see what they are doing.

    January 2, 2011 02:00 pm at 2:00 pm |
  4. Wire Palladin, S. F.

    No more military, no more social security, no more medicare, no more VA benefits, no more police and firemen, no more mail, no more libraries, no more CIA, no more FBI, no more EPA, no more safety regulations. This is Utopia to a republican.

    January 2, 2011 02:09 pm at 2:09 pm |
  5. the real ib

    Keep on raising the ceiling on spending money we don't have. Unless we get this spending under controll we won't have a country to worry about. Both parties need to face up and realize that; both are to blame.

    January 2, 2011 02:35 pm at 2:35 pm |
  6. Joe Schmoe

    Don't raise the debt ceiling. Control the budget. Can't? Then get out of office.

    January 2, 2011 02:52 pm at 2:52 pm |
  7. Sherri W.W.

    This new Congress thinks they are going to come in and start dismantling the whole country,which.would hurt everyone,but the richest ~Do you folks who voted for these Repub/TeaP people remember WHY you voted for them? Weren`t they suppose to create JOBS.and make things BETTER for the middle class?They said Dems spent too much time on health care,and now,when we have a decent start on that,the REpubs want spend another yr tearing it down,instead of building jobs.Something wrong with this picture~~~~!

    January 2, 2011 03:23 pm at 3:23 pm |
  8. NOPE

    How about cutting spending and living within your means Congress? All non-essential services and funding need to go. If it is not outlined Article 1 Section 8, it goes on the chopping block first. I wish I could vote to have my credit card companies increase my credit limit when I am about to max it out.

    January 2, 2011 03:39 pm at 3:39 pm |