RALEIGH, N.C. (WNCN) — The Congressional Budget Office warns that if the U.S. defaults on its debts, the economy will suffer catastrophic consequences.

Congressman Wiley Nickel sits on the powerful House Financial Services Committee. The committee has oversight of the banking system, housing, insurance, securities and exchanges, monetary policy, international finance, international monetary organizations and efforts to combat terrorist financing.

CBS 17’s Russ Bowen spoke to Rep. Nickel about the whether he believes both parties can come to an agreement on the debt ceiling to avoid an economic crisis. 

Watch the video below to see a portion of Nickel’s interview on the Chinese balloon.