Top GOP Economist Warns Against Govt Default

Doug Holtz-Eakin is warning that a default arising from failure to raise the debt limit would have serious consequences and should be avoided. That’s a pretty major statement coming from Holtz-Eakin, who has been onboard with Republicans demanding spending cuts before agreeing to raising the debt limit. It also puts him at odds with elected Republicans who have dismissed default as inconsequential. Benjy Sarlin has our report.