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Scott to Washington: Don't raise the debt ceiling

Republican Gov. Rick Scott said today that if Congress fails to raise the federal debt ceiling before Aug. 2, it would have almost no effect on state government or the financial markets.

"The impact would be minimal," Scott said.

But Republicans and Democrats alike said failure to increase the debt ceiling puts the country at risk of default, a financial spark that U.S. Treasury Secretary Tim Geithner has said could have "catastrophic economic consequences."

Scott's not convinced.

"I don't think anybody knows, because it's never happened," he said. "I believe the markets understand where the federal government is. They understand where the spending is, so I think the market has already priced it in."

So what would Scott do to break the impasse in Washington?

"I would not increase the debt ceiling," he said. "I would take this opportunity to really restructure government and really look at how we're spending our money."

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