Default Doubters Repudiated by Republican Economists Citing Harm

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http://www.bloomberg.com/news/2013-10-11/default-doubters-repudiated-by-republican-economists-citing-harm.html

Republican lawmakers have played down the significance of hitting the debt limit, saying the U.S. can avoid default by putting aside funds to pay bond holders. Economists affiliated with the party aren’t so sanguine.

Glenn Hubbard, Douglas Holtz-Eakin and Donald Marron, all of whom served in President George W. Bush’s administration, voiced concern that such a strategy could end up hurting the economy even if default were averted.

“I would still worry about it,” said Hubbard, who was chairman of Bush’s Council of Economic Advisers from 2001 to 2003. “It signals that we have an inability as a nation to get our budget process in order.” That could “do damage to U.S. growth potential and credibility,” he added.

The U.S. government is in the 11th day of a partial shutdown and less than a week away from Oct. 17, the day the U.S. will run out of room to borrow more unless Congress acts to raise the government’s debt ceiling, according to President Barack Obama’s Treasury Department.

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1. Listen up, RepubliBaggers

Get a clue, Republibaggers. Join with America and Americans, and end the Godforsaken toxic madness you have initiated.