‘This Week’ Transcript: White House Adviser Austan Goolsbee
Transcript: White House Adviser Austan Goolsbee
ON WHAT THE IMMEDIATE ECONOMIC EFFECT WOULD BE IF CONGRESS DOES NOT RAISE THE DEBT CEILING, GOOLSBEE SAID: “This is not…this is not a game. You know, the debt ceiling is not…is not something to toy with. That’s the…the…if we hit the debt ceiling, that’s the…essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic. I mean, 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…with the debt ceiling.
“If…if we get to the point where you’ve damaged the full faith and credit of the United States, that would…that would be the first default in history caused purely by insanity.”