The the impact of a government default if the limit on its borrowing authority was not raised in a timely way.
"That would be a financial disaster not only for our country, but for the worldwide economy," Boehner responded.
Public debt of USA will jump from 40 percent of GDP at the end of fiscal 2008 to nearly 70 percent at the end of this fiscal year 2011.
The CBO last week estimated that this year's 2011 deficit will hit nearly $1.5 trillion, further worsening the debt problem.
