White House warns of ‘catastrophic’ consequences if debt ceiling hit

Updated

If the shutdown continues to Oct. 17th, when the Treasury says the government will run out of money, White House Press Secretary Jay Carney told MSNBC the consequences would be “catastrophic without question.”

“What we see with this Republican strategy is a willingness to threaten the very foundation of the world’s greatest economic power, the economy that basically stabilizes the entire world economic system and that is a very risky proposition,” he said on Morning Joe.

Carney said he fears Republicans will use the same strategy they employed in the shutdown debate over the debt ceiling.

“It’s like seeing the preview to a movie, at least that’s our fear,” he said. ”If they don’t get what they want on Obamacare—essentially try and change the results of last year’s election—or default on the economy, we are in a very serious situation.”

Watch the clip above.

White House warns of 'catastrophic' consequences if debt ceiling hit

Updated