White House economic adviser Austan Goolsbee warns of "catastrophic" consequences if the new...

|By:, SA News Editor

White House economic adviser Austan Goolsbee warns of "catastrophic" consequences if the new Republican majority in the House follows through on threats to reject an increase in the U.S. debt ceiling. "If we hit the debt ceiling, that's... essentially defaulting on our obligations... a worse financial economic crisis than anything we saw in 2008."