Goolsbee Says Failure to Raise U.S. Debt Ceiling Would Be `Catastrophic'
bloomberg.com Jan 3, 2011
The government is slated to hit the legal limit on borrowing, $14.3 trillion, early this year. Congress must agree to raise that ceiling or the U.S. could be forced to default on its obligations.
After candidates supported by anti-deficit Tea Party activists were elected on pledges to rein in government spending, some lawmakers have said they would demand budget cuts in exchange for voting to raise the debt ceiling.