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Debt ceiling deadline- What happens if Congress fails to raise the debt ceiling by Aug. 2?
Treasury Secretary Timothy Geithner says it would be "catastrophic." A growing number of Republicans say that's false -- at worst it would be "disruptive," in the words of Sen. Pat Toomey.
The reality is nobody really knows because it has never happened before: Congress has gone down to the wire in the past but has always raised the debt ceiling just in time.
"When I manage my family's finances, I would not do something where the consequences are unknown and unknowable," said Joe Minarik, who served as the chief economist of the White House Budget Office in the Clinton administration.
Read more: Yahoo
Treasury Secretary Timothy Geithner says it would be "catastrophic." A growing number of Republicans say that's false -- at worst it would be "disruptive," in the words of Sen. Pat Toomey.
The reality is nobody really knows because it has never happened before: Congress has gone down to the wire in the past but has always raised the debt ceiling just in time.
"When I manage my family's finances, I would not do something where the consequences are unknown and unknowable," said Joe Minarik, who served as the chief economist of the White House Budget Office in the Clinton administration.
Read more: Yahoo
