--- title: "Meaning & Key Takeaway of: If we hit the debt ceiling, that's…" description: "\"If we hit the debt ceiling, that's... essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the ..." image: "https://sms4smile.com/quotes/i/a3c/austan-goolsbee-9855_american_if-we-hit-the-debt-ceiling-that-s-essent_2159781.jpg" --- # If we hit the debt ceiling, that's... essentially… ![“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.” quote by Austan Goolsbee](https://sms4smile.com/quotes/i/a3c/austan-goolsbee-9855_american_if-we-hit-the-debt-ceiling-that-s-essent_2159781.jpg) [Download](https://sms4smile.com/quotes/i/a3c/austan-goolsbee-9855_american_if-we-hit-the-debt-ceiling-that-s-essent_2159781.jpg) [Open image](https://sms4smile.com/quotes/i/a3c/austan-goolsbee-9855_american_if-we-hit-the-debt-ceiling-that-s-essent_2159781.jpg) > “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.” [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Defaulting on debt would break trust and cause severe economic fallout. **In simple terms:** Debt default harms economy. Key Takeaway Avoid default at all costs. Themes economics politics risk finance Mood anxious urgent Type warning analytical When to use this quote - government budgeting - investment decisions - policy planning - public communication Key Concepts sovereign debt creditworthiness systemic risk Questions to Reflect On - How can policymakers prevent a debt ceiling crisis? - What safeguards protect the economy? A Different Perspective Political constraints may limit timely action. ★ ★ ★ ★ ★ No ratings yet [American history](https://sms4smile.com/quotes/about/american-history/) [Debt ceiling](https://sms4smile.com/quotes/about/debt-ceiling/) [Economy](https://sms4smile.com/quotes/about/economy/) [History](https://sms4smile.com/quotes/about/history/) [Impact](https://sms4smile.com/quotes/about/impact/) [Taxes](https://sms4smile.com/quotes/about/taxes/) ## Related quotes > [There was no avoiding the fact that we were going to hit our debt ceiling.](https://sms4smile.com/quotes/bill-johnson/there-was-no-avoiding-the-fact-that-we-were-going-to-hit-our-debt/) [Bill Johnson](https://sms4smile.com/quotes/author/bill-johnson/) > [I don't see why anybody's playing chicken with the debt ceiling.](https://sms4smile.com/quotes/austan-goolsbee/i-don-t-see-why-anybody-s-playing-chicken-with-the-debt-ceiling/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [The debt ceiling is not something to toy with.](https://sms4smile.com/quotes/austan-goolsbee/the-debt-ceiling-is-not-something-to-toy-with/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [I would be embarrassed to tell you how many folks ran saying that they weren't going to spend a bunch of money, they weren't…](https://sms4smile.com/quotes/mick-mulvaney/i-would-be-embarrassed-to-tell-you-how-many-folks-ran-saying-that/) [Mick Mulvaney](https://sms4smile.com/quotes/author/mick-mulvaney/) > [We would be somewhat foolish to work out something on stopping us from going over the cliff and then a month or six weeks…](https://sms4smile.com/quotes/harry-reid/we-would-be-somewhat-foolish-to-work-out-something-on-stopping-us/) [Harry Reid](https://sms4smile.com/quotes/author/harry-reid/) > [The Republican argument that raising the debt ceiling encourages additional future spending is logically irresponsible. The debt ceiling has to be raised to authorize…](https://sms4smile.com/quotes/eliot-spitzer/the-republican-argument-that-raising-the-debt-ceiling-encourages/) [Eliot Spitzer](https://sms4smile.com/quotes/author/eliot-spitzer/) > [It is simply science fiction fantasy to say that, if you do not raise the debt ceiling, that everything is going to collapse.](https://sms4smile.com/quotes/mike-lee/it-is-simply-science-fiction-fantasy-to-say-that-if-you-do-not-raise/) [Mike Lee](https://sms4smile.com/quotes/author/mike-lee/) > [Increasing America’s debt weakens us domestically and internationally . Leadership means that 'the buck stops here.' Instead, Washington is shifting the burden of bad…](https://sms4smile.com/quotes/barack-obama/increasing-america-s-debt-weakens-us-domestically-and-internationally/) [Barack Obama](https://sms4smile.com/quotes/author/barack-obama/) > [I always think a debt ceiling is a good tool to carry something.](https://sms4smile.com/quotes/mitch-mcconnell/i-always-think-a-debt-ceiling-is-a-good-tool-to-carry-something/) [Mitch McConnell](https://sms4smile.com/quotes/author/mitch-mcconnell/) > [Most of the major increases in the debt ceiling have been accompanied by structural changes in the way we raise and spend money.](https://sms4smile.com/quotes/charles-bass/most-of-the-major-increases-in-the-debt-ceiling-have-been-accompanied/) [Charles Bass](https://sms4smile.com/quotes/author/charles-bass/) > [America pays its bills. It always has. It always will. The fact that Washington is now debating whether to honor its debts and obligations,…](https://sms4smile.com/quotes/peter-welch/america-pays-its-bills-it-always-has-it-always-will-the-fact-that/) [Peter Welch](https://sms4smile.com/quotes/author/peter-welch/) > [Not raising the debt ceiling does not trigger a default, because we've got enough money to service our debts. Default is when you can't…](https://sms4smile.com/quotes/ted-yoho/not-raising-the-debt-ceiling-does-not-trigger-a-default-because-we-ve/) [Ted Yoho](https://sms4smile.com/quotes/author/ted-yoho/) > [The fact that we are here today to debate raising America's debt limit is a sign of leadership failure... It is a sign that…](https://sms4smile.com/quotes/barack-obama/the-fact-that-we-are-here-today-to-debate-raising-america-s-debt-2/) [Barack Obama](https://sms4smile.com/quotes/author/barack-obama/) > [“I think he came in truly trying to be post-partisan,” she said. “I think it took the debt ceiling fight to make him see…](https://sms4smile.com/quotes/jane-mayer/i-think-he-came-in-truly-trying-to-be-post-partisan-she-said-i-think/) [Jane Mayer](https://sms4smile.com/quotes/author/jane-mayer/) > [Bless his heart, I have respect for Mitt Romney, but I do not have respect for what he has done through this debt increase…](https://sms4smile.com/quotes/sarah-palin/bless-his-heart-i-have-respect-for-mitt-romney-but-i-do-not-have/) [Sarah Palin](https://sms4smile.com/quotes/author/sarah-palin/) ## More by Austan Goolsbee > [It's clear that the medium and long-run fiscal challenges facing the country have to do with the rise of entitlement spending, they have to…](https://sms4smile.com/quotes/austan-goolsbee/it-s-clear-that-the-medium-and-long-run-fiscal-challenges-facing-the/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [The president is 100 percent for extending the tax cuts for 98.7 percent of small businesses.](https://sms4smile.com/quotes/austan-goolsbee/the-president-is-100-percent-for-extending-the-tax-cuts-for-98-7/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [There's a certain kind of academic that comes to Washington and can't survive. They're the ones starting each sentence with 'The economic model says.'](https://sms4smile.com/quotes/austan-goolsbee/there-s-a-certain-kind-of-academic-that-comes-to-washington-and-can-t/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [Only Barack Obama consistently opposed NAFTA.](https://sms4smile.com/quotes/austan-goolsbee/only-barack-obama-consistently-opposed-nafta/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [The U.S. fiscal union has worked, in no small part, by enabling subsidies to the Mississippis without requiring the approval of the Minnesotas. It…](https://sms4smile.com/quotes/austan-goolsbee/the-u-s-fiscal-union-has-worked-in-no-small-part-by-enabling/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [If a lobbyist sets up shop, or a lawyer, in which they're receiving income through what is something like a tax loophole so that…](https://sms4smile.com/quotes/austan-goolsbee/if-a-lobbyist-sets-up-shop-or-a-lawyer-in-which-they-re-receiving/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [When I was at MIT, they had a beta test of Mosaic, the first popular browser. I remember looking at it, and there was…](https://sms4smile.com/quotes/austan-goolsbee/when-i-was-at-mit-they-had-a-beta-test-of-mosaic-the-first-popular/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [I believe - I'm not a political expert, but I believe there is a broad consensus, a middle ground if you will, that Democrats…](https://sms4smile.com/quotes/austan-goolsbee/i-believe-i-m-not-a-political-expert-but-i-believe-there-is-a-broad/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [The data does not support that high-income tax cuts are the main drivers of growth, so I don't think that uncertainty over what the…](https://sms4smile.com/quotes/austan-goolsbee/the-data-does-not-support-that-high-income-tax-cuts-are-the-main/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [The share of income that small business people are paying in taxes is the lowest it has been in 65 years - since Obama…](https://sms4smile.com/quotes/austan-goolsbee/the-share-of-income-that-small-business-people-are-paying-in-taxes-is/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [Trade has helped the economy grow. Simultaneously, a sizable number of Americans haven't shared in that bounty, and if we don't pay attention to…](https://sms4smile.com/quotes/austan-goolsbee/trade-has-helped-the-economy-grow-simultaneously-a-sizable-number-of/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [We have to do everything we can to try to create jobs and get people back to work.](https://sms4smile.com/quotes/austan-goolsbee/we-have-to-do-everything-we-can-to-try-to-create-jobs-and-get-people/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [A lot more people are willing to invest in bonds denominated in euros. And there was the fiscal discipline argument, which is that this…](https://sms4smile.com/quotes/austan-goolsbee/a-lot-more-people-are-willing-to-invest-in-bonds-denominated-in-euros/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [All I'll say is if you look at countries where it is - where they are rapidly growing, they're investing in their infrastructure. They're…](https://sms4smile.com/quotes/austan-goolsbee/all-i-ll-say-is-if-you-look-at-countries-where-it-is-where-they-are/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [If you're going to be an academic who's involved in the world of policy, you have to be involved in the world that exists.](https://sms4smile.com/quotes/austan-goolsbee/if-you-re-going-to-be-an-academic-who-s-involved-in-the-world-of/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) [Explore all 69 Austan Goolsbee quotes ](https://sms4smile.com/quotes/author/austan-goolsbee/) ## More American quotes > [I wasn't attracted to American cinema, but I fell in love with Los Angeles the minute I arrived.](https://sms4smile.com/quotes/agnes-varda/i-wasn-t-attracted-to-american-cinema-but-i-fell-in-love-with-los/) [Agnes Varda](https://sms4smile.com/quotes/author/agnes-varda/) > [William Maxwell's my favorite North American writer, I think. And an Irish writer who used to write for 'The New Yorker' called Maeve Brennan,…](https://sms4smile.com/quotes/alice-munro/william-maxwell-s-my-favorite-north-american-writer-i-think-and-an/) [Alice Munro](https://sms4smile.com/quotes/author/alice-munro/) > [I have fallen in love with American names, the sharp names that never get fat.](https://sms4smile.com/quotes/stephen-vincent-benet/i-have-fallen-in-love-with-american-names-the-sharp-names-that-never/) [Stephen Vincent Benet](https://sms4smile.com/quotes/author/stephen-vincent-benet/) > [I really like a lot of American country stuff, so my music has that influence, but I don't like to be set within a…](https://sms4smile.com/quotes/jade-bird/i-really-like-a-lot-of-american-country-stuff-so-my-music-has-that/) [Jade Bird](https://sms4smile.com/quotes/author/jade-bird/) > [I certainly don't think that the heirs of the American Revolution were a particularly noble class.](https://sms4smile.com/quotes/h-w-brands/i-certainly-don-t-think-that-the-heirs-of-the-american-revolution/) [H. W. Brands](https://sms4smile.com/quotes/author/h-w-brands/) > [Congress passed the American Rescue Plan Act in a tremendous investment to support millions of workers without a paycheck and behind on bills.](https://sms4smile.com/quotes/jake-auchincloss/congress-passed-the-american-rescue-plan-act-in-a-tremendous/) [Jake Auchincloss](https://sms4smile.com/quotes/author/jake-auchincloss/) > [Small businesses are the backbone of the American economy and employ almost half of the working population. Yet because of their size, they rarely…](https://sms4smile.com/quotes/dan-lipinski/small-businesses-are-the-backbone-of-the-american-economy-and-employ/) [Dan Lipinski](https://sms4smile.com/quotes/author/dan-lipinski/) > [Although I write in English, and despite the fact that I'm from America, I consider myself an Armenian writer. The words I use are…](https://sms4smile.com/quotes/william-saroyan/although-i-write-in-english-and-despite-the-fact-that-i-m-from/) [William Saroyan](https://sms4smile.com/quotes/author/william-saroyan/) > [When we first sold the Wallace and Gromit shorts to America, people suggested we get rid of the strange British accents and put clear…](https://sms4smile.com/quotes/nick-park/when-we-first-sold-the-wallace-and-gromit-shorts-to-america-people/) [Nick Park](https://sms4smile.com/quotes/author/nick-park/) > [Firefighters and rescue workers are American superheroes.](https://sms4smile.com/quotes/kerry-kennedy/firefighters-and-rescue-workers-are-american-superheroes/) [Kerry Kennedy](https://sms4smile.com/quotes/author/kerry-kennedy/) > [France has not only built a bureaucratic barrier against American culture, it has constructed a notorious intellectual case against it as well. The French…](https://sms4smile.com/quotes/tyler-cowen/france-has-not-only-built-a-bureaucratic-barrier-against-american/) [Tyler Cowen](https://sms4smile.com/quotes/author/tyler-cowen/) > [New York and San Francisco are distinctly different. San Francisco is driving the American media, not New York. You have young, microwaved millionaires and…](https://sms4smile.com/quotes/jason-whitlock/new-york-and-san-francisco-are-distinctly-different-san-francisco-is/) [Jason Whitlock](https://sms4smile.com/quotes/author/jason-whitlock/) > [Well look, CIA is an agency that has to collect intelligence, do operations. We have to take risks and it's important that we take…](https://sms4smile.com/quotes/leon-panetta/well-look-cia-is-an-agency-that-has-to-collect-intelligence-do/) [Leon Panetta](https://sms4smile.com/quotes/author/leon-panetta/) > [Food as a hobby used to be an elite pastime, and it has become something that is totally ordinary for people of every background.…](https://sms4smile.com/quotes/dana-goodyear/food-as-a-hobby-used-to-be-an-elite-pastime-and-it-has-become/) [Dana Goodyear](https://sms4smile.com/quotes/author/dana-goodyear/) > [It's important for American soldiers to be culturally sensitive when deployed in foreign countries. But it's just as important for the U.S. never to…](https://sms4smile.com/quotes/gary-bauer/it-s-important-for-american-soldiers-to-be-culturally-sensitive-when/) [Gary Bauer](https://sms4smile.com/quotes/author/gary-bauer/) Browse all 7,717 American quotes ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "Austan Goolsbee" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/austan-goolsbee/if-we-hit-the-debt-ceiling-that-s-essentially-defaulting-on-our/", "about": { "@type": "Thing", "name": "American" }, "@id": "https://sms4smile.com/quotes/austan-goolsbee/if-we-hit-the-debt-ceiling-that-s-essentially-defaulting-on-our/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a3c/austan-goolsbee-9855_american_if-we-hit-the-debt-ceiling-that-s-essent_2159781.jpg", "contentUrl": "https://sms4smile.com/quotes/i/a3c/austan-goolsbee-9855_american_if-we-hit-the-debt-ceiling-that-s-essent_2159781.jpg", "url": "https://sms4smile.com/quotes/i/a3c/austan-goolsbee-9855_american_if-we-hit-the-debt-ceiling-that-s-essent_2159781.jpg", "width": 1080, "height": 1080, "caption": "“If we hit the debt ceiling, that's... essentially defaulting on our obligations, which is totally…” — Austan Goolsbee", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Austan Goolsbee", "item": "https://sms4smile.com/quotes/author/austan-goolsbee/" }, { "@type": "ListItem", "position": 4, "name": "If we hit the debt ceiling,...", "item": "https://sms4smile.com/quotes/austan-goolsbee/if-we-hit-the-debt-ceiling-that-s-essentially-defaulting-on-our/" } ], "@id": "https://sms4smile.com/quotes/austan-goolsbee/if-we-hit-the-debt-ceiling-that-s-essentially-defaulting-on-our/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```