George Will: GOP Grandstanding Debt Ceiling

George Will suggests that the vote on whether to raise the federal debt ceiling is a political charade, and that failure to raise it would be a national disaster. Will's comments echo those of White House economist Austin Goolsbee.

"The impact on the economy would be catastrophic," Goolsbee told "This Week" on ABC. "That would be a worse financial economic crisis than anything we saw in 2008."

Goolsbee added: "I don't see why anybody's talking about playing chicken with the debt ceiling."

A vote on raising the ceililng is expected in the next few months.

Rep. Michele Bachmann, R-Minn., appearing with the Democrats, asked people to sign an online petition to urge their representatives not to increase the debt limit.

Democratic Reps. Debbie Wasserman Schultz of Florida and Anthony Weiner of New York want to see how the new Republican majority in the House will handle the issue.

"The Republicans have come in saying that they're going to not raise the debt ceiling and they're going to allow the full faith and credit of the American people to go down the tubes," Weiner said on "Face the Nation" on CBS. "It's their ship to run now. That's the responsibility."