That's how Austan Goolsbee, the Chairman of the President's Council of Economic Advisors described the situation today on Countdown to the Closing Bell. President Obama had just finished a news conference to discuss how he and Republican leaders had hammered out a deal to extend all the Bush-era tax cuts.
Goolsbee's comment about this being an emergency, came in response to my question as to whether anyone on either side of the aisle was talking about *how* to pay for these $900 billion in tax cuts.
Now comes the question: can the President convine his own party members to vote for the plan which, according to President Obama, could end up creating 2 million jobs?
Listen to what Goolsbee, a highly respected economist, has to say.