White House: We Need to Increase the Debt Ceiling, and Fast!

The White House has gone on record saying it is vital that Congress raise the U.S. borrowing authority to avoid economic uncertainty, the likes of which has dampened recovery efforts over the past two years as politicians debated over spending cuts and tax hikes.

“It is quite clear that the economy will be better if Congress does its job and does what it routinely has done historically, which is raise the debt limit without problem,” Alan Krueger, chairman of the White House Council of Economic Advisers, said in an interview on Bloomberg TV.

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Krueger warned that a battle on borrowing costs and the budget could risk a downgrade of the U.S. credit rating. In a separate interview on MSNBC, he referenced the drop in confidence when Congress “played Russian roulette with the debt ceiling” in summer 2011.

“The economy will certainly do better if Congress does what it normally does, which is raise the debt ceiling without drama.” However, another debate that continues into the eleventh hour, like that over the fiscal cliff, could threaten to derail economic progress…