Golsbee: Debt ceiling must be raised

If Congress does not raise the debt ceiling, the result could be "catastrophic" for the American economy, Austan Goolsbee, chairman of the Council for Economic Advisers, said Sunday.

Speaking on ABC's "This Week," Goolsbee said that the debt ceiling was not something to toy with for political ends.

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

sarah palin al sharpton bill oreilly fox news hamid karzai