Jake Tapper, and Austan Goolsbee, the Chairman of President Obama's Council of Economic Advisers, discussed the Republican threat to block an increase in the national debt ceiling on “This Week”. Mr. Goolsbee had this to say:
It pains me that we would even be talking about this. This is not a game. You know, the debt ceiling is not something to toy with. [,,,]
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 debt ceiling.
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 ... There would be no reason for us to default, other than that would be some kind of game.
We shouldn't even be discussing that. People will get the wrong idea. The United States is not in danger of default ... We do not have problems such as that. This would be lumping us in with a series of countries through history that I don't think we would want to be lumped in with.
Watch [the discussion of the debt ceiling begins at around 4:35]:
Minnesota Rep. Michele Bachmann and Rep.-elect Mike Kelly said on CBS's "Face the Nation" that they don't believe Congress should enact legislation that would allow it to meet its debt obligations.
Bachmann, appearing on the show from Minneapolis, said "at this point I am not in favor of raising the debt ceiling" and Kelly called it "absolutely irresponsible."