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Obama Econ Adviser: Bad to Not Raise US Debt Limit

Thursday, 19 May 2011 09:40 AM

 

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NEW YORK (Reuters) - Not raising the U.S. debt ceiling would be be bad for the economy and would force the government to default on either its bonds or domestic programs, the top White House economist said Thursday.

"It would not be good for the economy," said Austan Goolsbee, chairman of the White House Council of Economic Advisers.

If the ceiling isn't raised before early August, the government would have to default on its bonds, social security, Medicare or military, though he added it was impossible to answer the question on which one the United States would choose.

Speaking at the Council on Foreign Relations, Goolsbee also said it was time to focus on growth in the economy as the government shifts out of its advanced role stimulating the economy through incentivizing the private sector. (Reporting by Leah Schnurr; Editing by Padraic Cassidy)

© 2014 Thomson/Reuters. All rights reserved.

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