White House Warns Failure to Raise Debt Ceiling Would Mean Economic 'Crisis'

The top White House economic adviser warned lawmakers Sunday that the United States faces a catastrophe if Congress does not raise the debt ceiling, as spend-averse Republicans indicated they'd be willing to support the increase so long as certain conditions are met. The debt ceiling debate is one of the first major legislative clashes on tap as lawmakers return to Washington this coming week for the start of the 112th Congress. The $13.9 trillion national debt is creeping closer to its $14.3 trillion ceiling, and a vote to increase that limit is expected in the spring.