White House Warns GOPers of ‘Catastrophic’ Vow to Sink Debt Ceiling (Video)
January 2, 2011
(ChattahBox Political News)—Republican lawmakers fueled by the tea party’s reckless scorched earth rhetoric, are threatening to throw the federal government into default and thereby destroy the full faith and credit of the United States. Republicans are vowing to shut down the government by voting down the annual measure to raise the national debt ceiling to allow the United States to meet its debt obligations, unless they get their way with drastic spending cuts. Threatening to trash the fiscal solvency of their own country is so insane, that White House official Austan Goolsbee, chairman of the Council of Economic Advisers warned Republicans on Sunday of the “catastrophic” consequences of refusing to raise the debt ceiling.
Goolsbee made his remarks during an appearance on ABC’s This Week, in response to the earlier threats to refuse to raise the debt ceiling made by Sen. Lindsey Graham (R-SC) on NBC’s “Meet the Press” and Rep. Michele Bachmannn (R-MN) and Rep.-elect Mike Kelly (R-MN) on CBS’s “Face the Nation.” The White House official called the threats by GOP lawmakers to throw our nation into default “Insanity.”
“The debt ceiling is not something to toy with,” stated Goolsbee. “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.” Goolsbee also noted that the impact of blocking a debt ceiling raise on the economy would be “catastrophic” and would bring on “a worse financial economic crisis than anything we saw in 2008.”
Even conservative columnist George Will was appalled by the recklessness and ignorance of Republican lawmakers, calling their plan to provoke a domestic and international crisis by plunging the federal government into insolvency “suicidal.”
“The trouble is it’s suicidal if you should happen to miscalculate and have all kinds of people voting against it as a symbolic vote and turn out to be a majority. Because if the United States defaults on its sovereign debt, the markets will be — well, it will be stimulating,” said Will.
Like I said earlier, the next two-years with Republicans controlling the House are going to be interesting, if not “catastrophic,” “suicidal” and racked with “insanity.”