As National Debt Obama Ran Up Tops $14 TRILLION (with a T), Obama’s Architect of Economic Disaster Whines About Debt Limit | NewsReal Blog

As National Debt Obama Ran Up Tops $14 TRILLION (with a T), Obama’s Architect of Economic Disaster Whines About Debt Limit | NewsReal Blog: "Common sense generally eludes pro-big government types. Take Austan Goolsbee (pictured above at left with socialist-on-the-loose Barney Frank), chairman of President Obama‘s Council of Economic Advisers. Goolsbee says the world will come to an end if America’s already outrageous $14.3 trillion debt limit isn’t raised. (The national debt just topped $14 trillion, by the way. To be precise, it’s $14,025,215,218,708.52 as of Dec. 31, 2010, according to the U.S. Department of the Treasury.)

Goolsbee told Jake Tapper on the Sunday morning talk show circuit:

Well, look, 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. If we hit the debt ceiling, that’s essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic. That would be a worse financial economic crisis than anything we saw in 2008."

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