Obama adviser: US economy needs to be 'juiced' - KAIT Jonesboro, AR - Region 8 News, weather, sports

Obama adviser: US economy needs to be 'juiced'

WASHINGTON (AP) - President Barack Obama's top economic adviser says the administration wants to juice the economy and get it going faster amid signs of a continuing recovery in the new year.

Austan Goolsbee, who's chairman of the White House Council of Economic Advisers, tells ABC's "This Week" that administration efforts will focus on investment, exports and innovation.

Unemployment remains a sore spot at 9.8 percent. Goolsbee says previous forecasts for unemployment to average around 9 percent this year appear to be holding steady. He says initiatives under way, such as cutting payroll taxes and offering tax incentives to small businesses, are now coming into play to help.

Goolsbee also is warning against what he calls "playing chicken" with the need to raise the nation's debt ceiling.

For some conservatives, refusing to raise the limit on the federal debt would be a tactic to force the government into cutting spending, but Goolsbee says that refusing to raise the debt ceiling would push the country into default - and a far greater economic crisis than Americans saw in 2008.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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