Republican Congressman Steve King dismisses the idea the U.S. government will go into default if congress fails to raise the debt limit later this month.
Obama Administration officials suggest a debt limit must be raised by October 17th and economists say failure to raise the limit could trigger a massive drop in stock markets around the globe and increase borrowing costs for consumers and businesses.
President Obama has said he will not negotiate on raising the debt limit and it should be a yes or no vote in congress, but Republicans have a growing list of items they want to tack onto a deal.
Those include the Keystone X-L Pipeline as well as at least a year's delay in implementing the Affordable Care Act.
King made his comments during an appearance on C-N-N's "New Day" morning show.
A group of C-E-Os from some of the nation's largest financial institutions went to Washington D.C. Wednesday and told reporters failure to raise the debt ceiling would cause "extremely adverse" damage to the economy.